Turtleducks are a popular pet in the Fire Nation. However, t…
Turtleducks are a popular pet in the Fire Nation. However, there are only a small number of turtleduck farmers in the Fire Nation as they are much easier to raise in the Earth Kingdom. If the small number of turtleduck farmers work together and convince the Fire Lord to implement a quota on the number of turtleducks imported, which of the following are possible outcomes? I. The price of turtleducks will increase II. Imports will increase III. Domestic producer surplus increases IV. There will be some deadweight loss