(Figure: Market for Logs) A quota of 10,000 logs forest wood per month is placed in the market that is shown in the figure. How much are buyers willing to pay after the implementation of the quota?

Question

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After the implementation of the quota, the market equilibrium point shifts from point E to point F. At this point, buyers are willing to pay $20,000 for 10,000 logs of forest wood.

(Figure: Market for Logs) a Quota of 10,000 Logs Forest