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| Rank the following in ascending order of Home welfare and justify your answers. If two items are equivalent, indicate this accordingly. a. Tariff of t in a small country corresponding to the quantity of imports M b. Quota with the same imports M in a small country, with quota licenses distributed to Home firms and no rent seeking c. Quota of M in a small country with quota licenses auctioned to Home firms d. Quota of M in a small country with the quota given to the exporting firms e. Quota of M in a small country with quota licenses distributed to rent-seeking Home firms |
