Q16. The EU market for cotton t-shirts S + Imports 14 World Price 10 RO 140 180 240 The free trade price of a T-shirt on the world market is @10. Assume the EU only allows 40 million T-shirts per year from China and that the price of a T-shirt in the EU consequently increases to (14. What is the fall in import value? (a) 1,600 (b ) 560 (c) 1,040 1,680 [TOTAL 5]