Figure 34-7 Refer to Figure 34-7. PW is the price that exis…

Figure 34-7 Refer to Figure 34-7. PW is the price that exists in a free world market. With the imposition of a quota that limits imports to Q4 – Q3, consumers lose more than producers and importers gain. The result of the quota is a (net) loss represented by the area(s)