Figure 7-3 Price per pound US Supply $3.75 A 2.75 G US Price with Quota B E 2.00 J M C World price (Pw) 1.00 D F K L N US Demand 10 18 28 34 40 Quantity (millions of pounds) Since 1953 the United States has imposed a quota to limit the imports of peanuts. Figure 7- 3 illustrates the impact of the quota. Refer to Figure 7-3. With a 47% import quota in place causing import to fall by 14 million pounds to 16 million pounds, and causing the price to rise to $2.75/pound, what is the quantity supplied by domestic producers? 34 million pounds 16 million pounds 18 million pounds 28 million pounds