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Suppose that the world price of oranges is $0.30. The United States introduces an import quota of 3,000 oranges and assigns the quota rents to foreign orange exporters. - Draw the domestic demand and supply
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Suppose that the world price of oranges is $0.30. The United States introduces an import quota of 3,000 oranges and assigns the quota rents to foreign orange exporters.

- Draw the domestic demand and supply curves.
- What will the domestic price of oranges be after introduction of the quota?
- What is the value of the quota rents that foreign exporters of oranges receive?

User RossC
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1 Answer

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Answer:

the economy experiences a loss

Step-by-step explanation:

User Chris Sprague
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