Rank the following in ascending order o f Home welfare and justify your answers. If two items are equivalent, indicate this accordingly.

Rank the following in ascending order o f Home welfare and justify your answers. If two items are equivalent, indicate this accordingly.  a. Tariff of t in a small country corresponding to the quantity of imports M. b.Quota with the same imports M in a small country, with quota licenses distributed to Home firms and no lobbying.  c. Quota of M in a small country with quota licenses auctioned to Home firms.  d.Voluntary export restraint of M in a small country. e.Quota of M in a small country with quota licenses distributed to Home firms due to lobbying. c. Quota of M in a small country with quota licenses auctioned to Home firms.It thus means that certain firms in the home country shall have the privilege of distributing theconcerned…

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