The above figure shows the U.S. market for 1 carat diamonds. Suppose the United States imposes the import quota shown in the figure. With the import quota, how many diamonds can be imported?

Suppliers will provide more of a good when

A) the market price increases. B) the good is a normal good. C) resource prices increase. D) there is a decrease in demand.

A production function tells the firm

A) the maximum it can expect to produce with a given mix of inputs. B) the average it can expect to produce with a given mix of inputs. C) the minimum it can expect to produce with a given mix of inputs. D) the average level of production for other firms in the industry.