Rank the Following in Ascending Order of Welfare for the Country

question 57

Essay

Rank the following in ascending order of welfare for the country imposing the duty or quota. If two items are equivalent, indicate this accordingly.
I. tariff t in a small country with perfect competition
II. tariff t in a small country with a domestic monopoly
III. quota with the same imports M as under the tariff, in a small country with a home monopoly

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Definitions:

Personal Liability

The state of being legally responsible for the debts or actions of oneself, not shielded by corporate or other legal entities.

Incorporated

A legal status indicating that a business entity has been registered as a corporation, separating its liabilities and assets from those of its owners.

Model Business Corporation Act

A model set of laws proposed to standardize the regulation of corporate business practices across the United States.

Articles of Incorporation

Official documents filed with a governmental body to legally form a corporation, outlining its structure, purpose, and operations.