Briefly discuss the similarities and differences of the effects of an import quota and a tariff on domestic price, quantities, and well-being, for a small country producing and selling a product in a

Posted: December 30th, 2021

Briefly discuss the similarities and differences of the effects of an import quota and a tariff on domestic price, quantities, and well-being, for a small country producing and selling a product in a competitive world market. (Assume a tariff level that would restrict imports just as much as the quota would.)