Using game theory as an analytical tool, if one large nation imposes tariffs, the total cost is small; however, when several trading partners do the same:
a. the costs are even smaller.
b. the costs balance out and there is no harm.
c. the costs are the same but the potential gains are much smaller .
d. then all nations gain.
Ans: c. the costs are the same but the potential gains are much smaller .
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