Question

1. increase the domestic price of the protected good 2. increase domestic production of the good 3. decrease consumption of the good 4. decrease consumer surplus 5. increase producer surplus 6. tariff revenue 7. production inefficiency 8. welfare loss

Answer 1

A maker's surplus is the difference between the lowest price they would have taken and the price they finally sell a product for.

the producer? Why did you say that, manufacturer ?

A manufacturer is a person or company that transforms raw materials into completed items using a range of tools, equipment, and processes, and then sells those products to the market, exporters, marketers, retailers, and other producers who can use them to create more complex things.

What exactly does a manufacturer do?

Manufacturing is the process of creating new products from components or raw materials. Due to the fact that all of these businesses produce goods rather than providing services, manufacturing encompasses businesses like bakers, tailors, cobblers, and auto manufacturers.

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