Refer to the previous problem. Assume the market is open
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Refer to the previous problem. Assume the market is opened to trade and Columbia still enters the market by pricing coff
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Refer to the previous problem. Assume the market is opened to trade and Columbia still enters the market by pricing coffee at $1.00 per pound. But as a response to complaints from domestic coffee producers, instead of imposing a $0.50 per pound tariff, the government imposes an import quota of 50 million pounds on Columbian coffee. How will the results of the quota differ from the results of the tariff?
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