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(Solved): The Size Of An Import Tariff Necessary To Duplicate The Effect Of A Given Import Quota Will Be _____...

The size of an import tariff necessary to duplicate the effect of a given import quota will be ________, if the price elasticity of __________ is higher.

Select one:

  1. Higher; demand
  2. Lower; demand
  3. Higher; supply
  4. Lower; supply

Provide a detailed explanation to support your answer and illustrate it with a graph.

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