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?

Question

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?

Quizplus · Accepted Answer

With a quota in place, the quantity consumed in the domestic market is the sum of the domestic production and the quota limit, which is typically less than the total quantity without a quota. In this case, it is 34 million pounds.

Figure 9-3 Since 1953 the United States Has Imposed a Quota to Has