Use the diagram from Question 5 to analyze the effects of imposing an import quota instead of
Question:
a. Explain why an import quota of Q3Q4 raises the domestic price to pw + t.
b. With import quotas, the Canadian government earns no tariff revenue. Who gets this money now?
c. Is the import quota better or worse than the tariff for Canada as a whole? Explain.
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a At the world price of pw Canadian consumers demand Q 2 units of shoes Q 1 Q 2 of which must come f...View the full answer
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Related Book For 
Microeconomics
ISBN: 978-0321866349
14th canadian Edition
Authors: Christopher T.S. Ragan, Richard G Lipsey
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