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How does a tariff on imports affect a perfectly competitive industry in a small country? What are the differences in the effect on welfare of a quota and a tariff that result in the same number of imports? You must use all necessary graphs to illustrate and explain the answer.
What are the welfare effects of a quota on imports in a large country, if there is a single monopoly producer in the industry? Who gains and who loses from the quota? The baseline scenario to compare with is a free trade environment. Please use all necessary graphs to illustrate and explain the answer.
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