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(Solved): Fill in the labels so that the graph describes supply, price, and quantity in an economy completely ...



Fill in the labels so that the graph describes supply, price, and quantity in an economy completely closed to imports, an economy with free trade, and an economy with tariffs on imports. Swith tariffSdomestic onlyPdomestic onlyPfree tradeSfree tradePwith tariff A supply and demand graph with 3 different supply lines, labeled 4, 5 and 6 from left to right. There is a region below the Supply and demand lines labeled, imports with a tariff between Q D 2 and Q T on the X axis. At the bottom of the graph there is a label, imports without a tariff, that is wider than the previous points, marked on Q D 1 and Q W. The point where the first supply line intersects with demand, domestic, is labeled 1. The point 2 on the X axis has a dotted line that goes across the top of the area labeled for imports with a Tariff, and stops where line 5, the second supply line, intersects with Demand, above Q T on the X axis. Point 3 on the X axis has a dotted horizontal line that runs beneath the area shaded for imports with a tariff and ends where line 6, the third and farthest Supply line, intersects with the demand line, above Q W on the X axis.



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