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The document discusses supply and demand curves for the US oil market and the impacts of an oil import tax. It also analyzes consumer and producer surplus in meal and fishing markets, and the effects of price ceilings and floors in a wheat market. Specifically: 1) With free trade, US oil prices are $70/barrel and imports are 9 million barrels/day. An $4/barrel import tax cuts imports to 3 million barrels/day and raises government revenue to $12 million/day. 2) In meal and fishing markets, a supply reduct

Author

Mohammed Awwad

Language

EN