Figure 9-1 Figure 9-1 Shows the U.S. Demand and Supply for Leather

Multiple Choice

Figure 9-1

Figure 9-1 shows the U.S. demand and supply for leather footwear.
-Refer to Figure 9-1.Suppose the government allows imports of leather footwear into the United States.What happens to the market price and what is the quantity of imports?

A) The price equals $24 and imports equal Q₂ units.
B) The price falls to $24 and imports equal Q₂ - Q₁ units.
C) The price falls to $24 and imports equal Q₁ - Q₀ units.
D) The price equals $24 and imports equals Q₂ - Q₀ units.