The United States has had quotas on steel, shipping, automobiles, textiles, and many other products. Economists estimate
Question:
The United States has had quotas on steel, shipping, automobiles, textiles, and many other products. Economists estimate that by auctioning off the quota rights, the Treasury would gain at least $10 billion annually. Use Figure 18-9 to analyze the economics of quotas as follows: Assume that the government imposes a quota of 100 on imports, allocating the quota rights to importing countries on the basis of last year's imports.
What would be the equilibrium price and quantity of clothing? What would be the efficiency losses from quotas? Who would get revenue rectangle B? What would be the effect of auctioning off the quota rights?
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