Figure 7-3 Since 1953 the United States has imposed a quota to limit the imports of peanuts.Figure 7-3 illustrates the impact of the quota.
-Refer to Figure 7-3.With a quota in place,what is the quantity supplied by domestic producers?

Question

Figure 7-3  Since 1953 the United States has imposed a quota to limit the imports of peanuts.Figure 7-3 illustrates the impact of the quota.
-Refer to Figure 7-3.With a quota in place,what is the quantity supplied by domestic producers?

Quizplus · Accepted Answer

Looking at the intersection of the domestic supply curve and the quota line, we can see that the quantity supplied by domestic producers with the quota is 18 million pounds.

Figure 7-3 Since 1953 the United States Has Imposed