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Assume the United States is an importer of televisions and there are no trade restrictions. U.S. consumers buy 1.5 million televisions per year, of which

Assume the United States is an importer of televisions and there are no trade restrictions. U.S. consumers buy 1.5 million televisions per year, of which 600,000 are produced domestically and 900,000 are imported.

The following graph shows the domestic demand and supply for televisions in the United States.

supply P4 3 PRICE of Televisions P2 P , DemAND Q 3 _ Q4 21 82 QUANTity of Televisions

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