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Q7 In March 2022 the UK imposed a 35% additional tariff on imports of…
Q7 In March 2022 the UK imposed a 35% additional tariff on imports of Russian wood products. Explain, using a diagram, the effect of this on the market for wood products in the UK.
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If home market is large buyer of imports they can effect the world price and so they use optimal tariffs (look at phone for photo and week 22 tut 2 for video)
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