The following graph shows the relationship between a large country importer of a good, say steel, and its tariff rate (in percentages). Explain why the curve reaches maximum and then declines. 
Definitions:
Department Stores
Large retail establishments that offer a wide range of products across various categories under one roof.
Price Skimming
A pricing strategy where a firm charges a high initial price for a product, then gradually lowers the price over time.
Product Development
The creation of new products or significant improvements on existing ones, from concept generation to market introduction.
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