Question: 1. *4.7 Given the answer to Exercise 2.4, what effect does a quota of Q 7 0 have on the equilibrium in the market? (Hint:

1. *4.7 Given the answer to Exercise 2.4, what effect does a quota of Q 7 0 have on the equilibrium in the market? (Hint: The answer depends on whether the quota binds: is low enough to affect the equilibrium.)

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