Use the following to answer questions:
Figure: Foreign Trade Market 
-Which, if any, of the following conditions for efficient market functioning do tariffs and quotas violate?
I. demanders with the highest willingness to pay purchase the supply of goods
II. producers with the lowest costs produce and sell the supply of goods
III. the sum of consumer and producer surplus is maximized
Definitions:
Ethical Conduct
Behavior that is consistent with principles of moral and ethical standards, which guide decision-making and actions.
External User
External User refers to individuals or entities outside of a company who use its financial statements to make decisions, such as investors, creditors, and regulatory agencies.
Federal Government
The national government of a federated state, which holds the authority to govern the issues that affect the entire country.
Financial Accounting Standards Board
An independent organization responsible for establishing and improving financial accounting and reporting standards in the United States.
Q2: If the production of two goods uses
Q29: _ disease is a form of chronic
Q42: What are the three major benefits of
Q55: Why does economic growth require job destruction?<br>A)
Q58: This condition is the cracking and associated
Q74: Forensic science is the application of science
Q96: Protectionism:<br>A) benefits domestic consumers and foreign producers.<br>B)
Q168: _ have a similar effect upon domestic
Q227: New housing takes some time to build,
Q269: (Figure: Labor Market 1) If there is