A small country imports T-shirts. With free trade at a worldprice of $10, domestic production is 10

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A small country imports T-shirts. With free trade at a worldprice of $10, domestic production is 10 million T-shirts anddomestic consumption is 42 million T-shirts. The country’sgovernment now decides to impose a quota to limit T-shirt importsto 20 million per year. With the import quota in place, thedomestic price rises to $12 per T-shirt and domestic productionrises to 15 million T-shirts per year. If the government auctionsthe quota licenses, calculate the revenue collected by thegovernment. $40 million $70 million $200 million $240 million . . .

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