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Figure: A Tariff on Oranges in South Africa
-(Figure: A Tariff on Oranges in South Africa) Look at the figure A Tariff on Oranges in South Africa. When the government imposes a tariff on imported oranges, the price of oranges in South Africa rises from PW to PT and there's a net _____ to total surplus of _____.
Rule of Reason
The rule of reason is a legal doctrine under antitrust laws that evaluates the legality of business practices based on their overall competitive effect.
Antitrust Laws
Regulations that promote competition and prohibit monopolies, cartels, and other agreements that restrict trade.
Per Se Violation
An action that is intrinsically illegal and does not require additional evidence to prove its unlawfulness.
Group Boycott
An agreement by two or more sellers to refuse to deal with a particular person or firm.
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