Multiple Choice
-The figure above shows the market for cotton in Georgestan. The government regulates the market with a production quota set at 8 million pounds per year. The introduction of the quota has
A) not affected the level of cotton production in Georgestan.
B) increased the production of cotton in Georgestan by 8 million pounds.
C) decreased the production of cotton in Georgestan by 4 million pounds.
D) decreased the production of cotton in Georgestan by 8 million pounds.
Correct Answer:
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