Suppose that Congress imposes a tariff on imported autos to protect the US auto industry from foreign competition.
Suppose that Congress imposes a tariff on imported autos to protect the US auto industry from foreign competition. Assuming that the United States is a price taker in the world auto market, show the following on a diagram: the change in the quantitiy of imports, the loss to US consumers, the gain to US manufactures, government revenue, and the deadweight loss associated with the tariff
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