Which statement(s) reflect the difference between tariffs and quotas? select all possible answers tariffs raise prices on exports, while quotas set limits on imports. tariffs raise prices on imports, while quotas set limits on imports. tariffs raise prices on imports, while quotas set limits on exports. tariffs raise prices on exports, while quotas set limits on exports. quotas set limits on imports, while tariffs raise prices of exports.

The correct answers are:
"Tariffs raise prices on imports, while quotas set limits on imports."
"Tariffs raise prices on exports, while quotas set limits on exports."

Tariffs are tax imposed on imported goods and services. Tariffs are used to restrict trade, as they increase the price of imported goods and services, making them more expensive to consumers.

A quota is a government-imposed trade restriction that limits the number, or monetary value, of goods that can be imported or exported during a particular time period. Quotas are used in international trade to help regulate the volume of trade between countries.

Maximizing the difference between total revenue and total cost;