(Figure: Sugar Market) Refer to the graph which shows a quota of 34 million pounds of sugar in the sugar market. Using the graph answer the following questions:
(a) The quota lowers the quantity of sugar purchased in the market by _____ million pounds.
(b) What is the price that each buyer is willing to pay for a pound of sugar after the quota has been placed on the market?
(c) What is the price that each seller is willing to accept for a pound of sugar after the quota has been placed on the market?
Correct Answer:
Verified
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