Graph 9-3
-In Graph 9-3, the equilibrium price and quantity after the quota would be:
Definitions:
National Policy
A course of action adopted and pursued by a government or political party on national issues.
States' Powers
The rights and responsibilities allocated to state governments, as distinguished from those vested in the federal government, under a federal system of governance.
Elastic Clause
A provision in the U.S. Constitution (Article I, Section 8, Clause 18) granting Congress the power to pass all laws necessary and proper for carrying out the enumerated list of powers.
Necessary
Essential or needed for a particular purpose or to achieve a specific outcome.
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