Suppose the small country of Aronow imports 40,000kg of bananas. The global price of bananas is $0.50 per kg. The government of Aronow collects tariff revenues of $4,000 from banana imports. Which of the following is true?
A. The consumers in Aronow pay a price of $0.60 per kg of bananas.
B. The domestic production of bananas in Aronow would increase with the removal of the tariff.
C. The deadweight loss in the market for bananas in Aronow would increase with the removal of the tariff.
D. The removal of the tariff would cause domestic consumer surplus in the market for bananas in Aronow to increase but by less than the decrease in domestic producer surplus.
E. Aronow’s total tariff revenue collected in the banana market would be maximized if the per-unit tariff were equal to the difference between its autarky price and the world price.
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