Equilibrium Price of Commodity Sample Homework
Question: Discuss the effects of US sugar quotas on the following:
The equilibrium price of sugar in the United States
The amount of sugar produced in the United States
The amount of people working in the sugar industry in the United States
Based on your answer, identify who benefits and who is hurt because of the tariffs and also identify at least one industry that is likely to strongly lobby in favor of quotas and one that is likely to lobby against the quotas.