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The U.S.is planning on imposing quotas on tires imported from china.Domestic retailers predict this will result in an increase in consumer prices on tires by about $10.Use a supply and demand graph with brief explanation to show the effects of an import quota.Assume the quota is binding.
Market Price
The going rate at which a particular market offers to buy or sell an asset or service.
Average Revenue
The revenue earned per unit of output sold; calculated by dividing the total revenue by the number of units sold.
Total Revenue
The total amount of money received by a firm from selling its goods or services.
Total Cost
The complete amount of money required for the production of a given level of output, including both fixed and variable costs.
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