Figure 9-3
Since 1953 the United States has imposed a quota to limit the imports of peanuts. Figure 9-3 illustrates the impact of the quota.
-Refer to Figure 9-3.With a quota in place,what is the quantity consumed in the domestic market and what portion of this is supplied by domestic producers?
A) Domestic consumption equals 28 million pounds of which 18 million pounds are produced by domestic producers.
B) Domestic consumption equals 40 million pounds of which 22 million pounds are produced by domestic producers.
C) Domestic consumption equals 34 million pounds of which 16 million pounds are produced by domestic producers.
D) Domestic consumption equals 34 million pounds of which 18 million pounds are produced by domestic producers.
Correct Answer:
Verified
