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2. Refer to the graphs in Figure 1 to answer the following questions. Suppose that instead of a tariff, Home applies an import quota limiting

2. Refer to the graphs in Figure 1 to answer the following questions. Suppose that instead of a tariff, Home applies an import quota limiting the amount Foreign can sell to 2 units.

Price Price 14 S D M 2 4 5 6 8 Quantity 2 6 Import (a) Home market (b) Import market Figure 1

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