Microeconomics: Principles, Applications, and Tools (8th Edition)

Published by Prentice Hall
ISBN 10: 0-13294-886-9
ISBN 13: 978-0-13294-886-9

Chapter 6 - Market Efficiency and Government Intervention - Exercises - 6.4 Controlling Quantities - Licensing and Import Restrictions - Page 149: 4.7a

Answer

\$3.60 to \$3.30

Work Step by Step

The price will drop to the point where the vertical line representing 9000 miles intersects with the demand curve.
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