Exhibit 34-12
Refer to Exhibit 34-12. P_W is the price that exists in a free world market. A quota is imposed and imports are Q₄ - Q₃. Importers gain revenues equal to the area __________.

Question

Exhibit 34-12 Refer to Exhibit 34-12. P_W is the price that exists in a free world market. A quota is imposed and imports are Q₄ - Q₃. Importers gain revenues equal to the area __________.

Quizplus · Accepted Answer

The importers gain revenues equal to the area GHJK, which represents the amount of imports that still occur after the quota is imposed (Q₄ - Q₃).

Exhibit 34-12 Refer to Exhibit 34-12. PW Is the Price That Exists

Exhibit 34-12 Refer to Exhibit 34-12. P_W Is the Price That Exists