A large importing country utilizes a binding import quota, Business Economics

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A large importing country utilizes a binding import quota

A large importing country utilizes a binding import quota to support its domestic price. Suppose this country experiences a 25% depreciation of its currency relative to all other countries. Construct a scenario to show how this currency depreciation could cause the import quota to no longer be binding. What does this imply for policy makers, producers, and consumers?

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