Is the effect on the price of toys the same or different

Reference no: EM132122013

Question: Assume a perfectly competitive market and the exporting country is small. Using a demand and supply diagram, show the impact of increasing standards on a low-income exporter of toys. Show the impact of a tariff. Is the effect on the price of toys the same or different? Why is a standards policy preferred to tariffs?

Reference no: EM132122013

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