Refer to the figure Import Quota. The figure shows the U.S. supply, world supply, and U.S. demand curve for cheese. If the United States imposes a quota and the resulting equilibrium price is $7, then the total quantity of cheese purchased is _____ million pounds, out of which _____ million pounds are imported.

Figure: Import Quota

Question

Refer to the figure Import Quota. The figure shows the U.S. supply, world supply, and U.S. demand curve for cheese. If the United States imposes a quota and the resulting equilibrium price is $7, then the total quantity of cheese purchased is _____ million pounds, out of which _____ million pounds are imported.
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Figure: Import Quota

Quizplus · Accepted Answer

The Answer of Refer to the figure Import Quota. The figure shows the U.S. supply, world supply, and U.S. demand curve for cheese. If the United States imposes a quota and the resulting equilibrium price is $7, then the total quantity of cheese purchased is _____ million pounds, out of which _____ million pounds are imported.
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Figure: Import Quota

Refer to the Figure Import Quota