Consider a country that imposes tariff on goods and services that are imported. In this context, answer the following. a. Does the tariff imposed lower the economic surplus of that country? Briefly explain your answer using a graph, showing the welfare effects of imposing the tariff on goods and services imported. b. Does it affect the economic surplus of the other countries that are trading with the country that has imposed the tariff? If so, do you expect the economic surplus of those countries to increase or decrease? c. Finally, briefly explain who benefits from the tariff in such a situation..
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