Quotas lead to higher prices for consumers.

Tariffs make foreign products more expensive, giving domestic firms a price advantage.

Quotas reduce overall market efficiency by creating deadweight loss.

Consumers benefit from lower prices and a greater quantity of goods.

Domestic producers benefit from tariffs because they can sell at a higher price.

A tariff decreases the quantity of imports.

A quota makes the supply curve perfectly inelastic at the quota quantity.

Free trade usually decreases domestic producer surplus.

A tariff decreases consumer surplus due to higher prices.

A quota limits the quantity of imports to a specific amount.

Countries buying and selling goods/services with each other.

Laws/regulations governments use to manage the economy.

A limit on the quantity of a good that can be imported.

A tax on imported goods.

The benefit consumers get from buying a good at a lower price than they'd pay.

The benefit producers get from selling a good at a higher price than they'd sell.

The loss of total surplus due to inefficiency.

The price at which goods are traded internationally.

Tax revenue collected by the government from tariffs.

The point where supply and demand meet naturally.

Protect domestic industries, raise revenue.

Higher prices for consumers, deadweight loss.

Domestic producers.

Consumers.

Tariffs decrease imports.

Quotas increase domestic production.

Tariffs generate revenue for the government.

Quotas lead to higher prices.

Tariffs reduce consumer surplus.

Quotas create deadweight loss.