The Figure Below Shows the Demand (D) and Supply (S)

question 23

Multiple Choice

The figure below shows the demand (D) and supply (S) curves of corn syrups. Figure 21.3
- In Figure 21.3,suppose an import quota of 30 gallons of corn syrup is imposed.If the world price per gallon is $4:

• A)there will be an excess domestic demand of approximately 35 gallons.
• B)the domestic market will be in equilibrium.
• C)there will be an excess domestic demand for 10 gallons.
• D)there will be an excess supply of 20 gallons.
• E)there will be an excess domestic demand for 20 gallons.

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