SCENARIO: FINNISH STEEL Suppose That the Free­trade Price of a Ton of Steel

SCENARIO: FINNISH STEEL
Suppose that the free­trade price of a ton of steel is €500.(Note: € is the
Symbol for the euro, a common currency used in 16 European countries,
Including Finland.) Finland, a small country, imposes a €60 per­ton
Specific tariff on imported steel.With the tariff, Finland produces 300,000
Tons of steel and consumes 600,000 tons of steel.
Reference: Ref 8­5
(Scenario: Finnish Steel) Suppose that the €60­per­ton tariff caused
Finnish production of steel to increase by 100,000 tons and Finnish
Consumption of steel to fall by 100,000 tons.What is the value of
Finland's welfare loss due to the tariff?

A) 200,000 tons
B) €6 million
C) €12 million
D) €15 million