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Refer to the Figure Import Quota

Question 69

Multiple Choice

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 domestic supply of cheese will be _____ million pounds, and the total imports will be _____ million pounds.

Figure: Import Quota
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 domestic supply of cheese will be _____ million pounds, and the total imports will be _____ million pounds. ​ Figure: Import Quota   A)  100; 45 B)  55; 90 C)  145; 30 D)  40; 80


A) 100; 45
B) 55; 90
C) 145; 30
D) 40; 80

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