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Assume a perfectly competitive market and the exporting country is small. Using a demand and supply diagram, show the impact of increasing standards on a low-income exporter of toys. Show the tariff's impact. Is the effect on toy prices the same or different? Why is a standards policy preferred to tariffs?
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Chapter 20
Globalization and Protectionism
Introduction
How Markets Work
Markets and Welfare
The Economics of the Public Sector
Topics for Further Study
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when a country and increases the standards of a ah product. What happens is that usually means that the input costs for that product go up. And when the input costs for that product rise, how you see a shift in the supply curve to the left, what that causes is a decrease in the quantity and an increase in the price an increase in the price. Now a tariff, in essence, will do the same thing. A tariff just means that we're going to restrict the amount, uh, coming in so supply curve would shift to the left and you would see the same pattern a decrease in quantity, an increase in price. But why would be, ah, do a, um, Why would be increased the standards of, uh, the toy versus impacting a tariff? Well, increasing the standards of a toy usually doesn't have as many impacts as tariffs on other products and markets, and also terrorists are considered a quote unquote second rate policy, whereas um, changing standards is considered a first rate. It increases Thea product or increases the utility of that
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