Differentiate Between Revenue Tariffs and Protective Tariffs

question 30

Essay

Differentiate between revenue tariffs and protective tariffs.Give an example for each.

---

Definitions:

Sherman Antitrust Act

A landmark federal statute in the United States passed in 1890 that prohibits monopolistic business practices.

Monopolies

Market structures characterized by a single seller dominating the market, with no close substitutes for the product or service offered, leading to reduced competition.

Trusts

Legal entities that companies form to consolidate their market power and limit competition, often associated with monopolies in historical contexts.

Monopoly Pricing

A market situation where a single firm controls the production and sale of a product with no close substitutes, allowing it to charge higher prices.