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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.
- Higher; demand
- Lower; demand
- Higher; supply
- Lower; supply
Provide a detailed explanation to support your answer and illustrate it with a graph.
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