Compare size of-trade gain to size of the deadweight loss

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Reference no: EM131478944

Question: Consider a large country applying a tariff t to imports of a good like that represented in Figure. How does the size of the termsof-trade gain compare with the size of the deadweight loss when

(i) the tariff is very small and

(ii) the tariff is very large? Use graphs to illustrate your answer.

Reference no: EM131478944

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