Suppose that the United States currently both produces kumquats and imports them. The U.S. government then decides to restrict international trade in kumquats by imposing a quota that allows imports of only 6 million pounds of kumquats into the United States each year. The figure shows the results of imposing the quota.

Fill in the table below using the letters in the figure:

Transcribed Image Text:

Price (dollars per pound) U.S. supply $1.00 0.75 K Н U.S. demand Quantity (millions of pounds) 4.0 6.0 12.0 13.0 Without Quota With Quota World price of kumquats U.S. price of kumquats Quantity supplied by U.S. firms Quantity demanded Quantity imported Area of consumer surplus Area of domestic producer surplus Area of deadweight loss