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ry reduces consumer surplus by $100, increases tariff revenue by $50, and increases producer surplus by $20, then which of the following is INCORRECT?...
If a Tariff in a small country reduces consumer surplus by $100, increases tariff revenue by $50, and increases producer surplus by $20, then which of the following is INCORRECT?
a. National welfare falls by $30
b. National welfare falls by $50
c. Deadweight loss is $30
d.The protection cost is $30