2. Suppose that cheese is traded in the world market at a price of3 per pound Assume that France has no trade barriers and has supply and demand curves for cheese as shown in the graph. Price (euros per pound) S u P plYanch Finns Supplym of Wand DemandFreoch Consumers 0 1 2 3 4 5 6 7 3 Quantyofcheese (millions of pounds) a. How much cheese does France import? b. Suppose that France adopts an import quota of 2 million pounds of cheese. I. What will the price be at the new trade equilibrium? ll. How much cheese will French suppliers provide domestically with the quota in place? Ill. If France imposed a tariff instead of a quota to restrict cheese imports, a tariff of What amount per pound would result in imports of 2 million pounds of cheese? c. Suppose that instead of any other trade restriction, France imposed a tariff of 4 per pound of cheese. How much cheese would France import? Explain. (6 points)