What is the long term profit outlook

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Reference no: EM131442021

Question: Suppose the United States imposes a $10 per barrel tariff on imported refined oil products.

a. what is the short run profit outlook for American refineries? what is the long term profit outlook?

b. supposes that eight years after imposing this tariff, the United States revokes it. What is likely to happen to the refining industry at that time?

Reference no: EM131442021

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