In a spatially differentiated market the actual rate of importation, in the absence of government intervention, exceeds the socially optimal rate for two reasons: either domestic production that would be socially advantageous may not be viable at all from a private point of view, or an existing import-competing monopoly finds it profitable to serve less than the socially optimal market area.
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Paper provided by Queen's University, Department of Economics in its series Working Papers with number
427.