Draw a domestic supply and demand diagram for a product in which the United Stated does not have a comparative advantage. What impact do foreign imports have on domestic price and quantity? On your diagram show a protective tariff that eliminates approximately one-half of the assumed imports. What are the price-quantity effects of this tariff on?

(a) Domestic consumers,

(b) Domestic producers,

(c) Foreign exporters?

How would the effects of a quota that creates the same amount of imports differ?