Why is a standards policy preferred to tariffs, Microeconomics

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Why is a standards policy preferred to tariffs

Problem

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 impact of a tariff. Is the effect on the price of toys the same or different? Why is a standards policy preferred to tariffs?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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