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Suppose that Congress imposes a tariff on imported autos to protect the US auto industry from foreign competition.

This question was answered on May 13, 2010. View the Answer
Suppose that Congress imposes a tariff on imported autos to protect the US auto industry from foreign competition. Assuming that the United States is a price taker in the world auto market, show the following on a diagram: the change in the quantitiy of imports, the loss to US consumers, the gain to US manufactures, government revenue, and the deadweight loss associated with the tariff

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This question was asked on May 12, 2010 and answered on May 13, 2010.

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