How will the imposition of a flat rate tariff

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Reference no: EM131504989

Question: Consider a situation in which only one firm in a country produces a good X but in which foreign firms also provide X to the market under perfectly competitive conditions. How will the imposition of

(a) a flat rate tariff, and

(b) a ban on imports, affect the price, output and profits of the domestic firm?

Reference no: EM131504989

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