If the United States puts an import quota on roses of 5 million containers,

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Import quota restricts the limits on the quantity at the time of movement of goods and services from other countries.

Explanation
A quota limit is a trade barrier used to limit international trade. It reduces the amount of imports that cross the domestic boundaries of a country. In free trade, the world price is $125 per container in Country U. At this world price, the growers in Country U supply 2 million containers while the wholesalers demand 12 million containers. Consequently, 10 million containers are imported in Country U.

After the levying of an import quota of 5 million containers, the growers can increase the supply by 5 million containers. The quota limits the import quantity, thereby raising the price to $150 in Country U's market. At this price, the wholesalers cut back the quantity demanded to 9 million containers, while the growers increase the quantity supplied to 4 million containers. The difference of 5 million containers is met through the imports.

Verified Answer
The price increases to $150 per container.

The quantity demanded falls to 9 million containers per year while the quantity produced increases to 4 million containers per year.

The imports fall to 5 million containers.