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Author Question: -3 Since 1953 the United States has imposed a quota to limit the imports of peanuts. Figure ... (Read 223 times)

K@

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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. Without the quota, the domestic price of peanuts equals the world price which is $2.00 per pound. What is the quantity of peanuts demanded by domestic consumers in the absence of a quota?


◦ 10 million pounds
◦ 28 million pounds
◦ 30 million pounds
◦ 40 million pounds


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Marked as best answer by K@ on Mar 16, 2019

amynguyen1221

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