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
Correct Answer:
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