Refer to Figure 9-17. When the country moves from no trade to free trade, consumer surplus O increases by $1,200 and producer surplus increases by $600. increases by $1,200 and producer surplus decreases by $600.

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Protective Tariffs

A tariff is a kind of tax that is charged on exported and imported items. It means tariff is charged on both kinds of goods i.e., exported and imported. However, some goods may be exempted from this kind of tariff. Protective Tariffs refer to the charges which a country charged on imported goods to protect its domestic market. It also protects countries Industrialists in their Production. So, that their markets remain intact and do not get dumped by outside supply.