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Kindly assist, this is challenging for me. Question 7 [12] 7.1. Explain what a price support is. 7.2. Explain what a production quota is. N

Kindly assist, this is challenging for me.

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Question 7 [12] 7.1. Explain what a price support is. 7.2. Explain what a production quota is. N NN 7.3. Explain what an import quota and an import tariff are. 7.4. Interpret the diagram below and discuss what exactly it is reflecting in terms of the society as a whole, the government and the cost to it, as well as the profit or loss to producers. Price Source: Pindyck, R.S. & Rubinfeld. D L. 2019. Microeconomics. 9 ed. London: Pearson Education

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