Miami University Tariffs & Quota Imperfect Competition Essay

Description

Grading rubric:0: no submission or finished less than half of the questions with extremely poor answers50: finished at least half of the questions and answers show minimal effort100: finished at least 80% of the questions and answers show satisfactory effort (do not need to be all correct)Instructions: Please read Sections 1 and 3 of Chapter 8 Tariffs and Quotas under Imperfect Competition (p. 247 – 253; p. 262 – 264). Type up your answers to the following questions:How does a monopoly compare to a perfectly competitive firm in terms of price charged and quantity of output produced?If there is a monopoly in a small importing country, does the monopoly still have its monopoly power under free trade? Why?If a small country imposes a tariff on imports, does the monopoly regain its market power? Why?Is there deadweight loss from a small country’s import tariff when there is a monopoly firm? How does the deadweight loss compare to if the small country’s market is perfectly competitive?When a small importing country uses a quota, does the quota allow the monopoly to regain its monopoly power? Why? Compare the monopoly¬ís demand curve under the quota to its demand curve under a tariff.Does an import quota lead to more or less deadweight loss compared to a tariff when there is a monopoly in the importing country? Why?What is the definition of dumping?Consider a monopoly firm in an exporting country. What is the difference between the monopoly’s local demand and the monopoly’s export demand?Consider a monopoly firm in an exporting country. How does the monopoly find its profit-maximizing quantity and price in its local market and export market? Is there dumping and why?

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Explanation & Answer:
400 words

Tags:
Tariffs

imperfect competition

Quota

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