Refer to the figure Import Quota. The figure shows the U.S. supply, world supply, and U.S. demand curve for cheese. In the absence of trade, the equilibrium quantity of cheese consumed will be ____ million pounds, and the equilibrium price will be _____ per pound.

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. In the absence of trade, the equilibrium quantity of cheese consumed will be ____ million pounds, and the equilibrium price will be _____ per pound.
​
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. In the absence of trade, the equilibrium quantity of cheese consumed will be ____ million pounds, and the equilibrium price will be _____ per pound.
​
Figure: Import Quota

Refer to the Figure Import Quota