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Short and Long Run. Lets assume that you own a fast food r
estaurant and you are faced with many customers each day
eating in the restaurant without any tables. Describe the diff
erence between the short run and long run in the example t
o bringing about more tables for the customers. How is the r
estaurant able to differentiate between the short run and lon
g run?
Tariffs and Quotas. Who gains and who loses from a tariff? H
ow do the effects of tariffs differ from the effects of quotas? I
f you were a small country, what would you rather utilize?