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Several years ago Japan was pressured to accept a “Voluntary Export Restraint” (VER) on the number...

Several years ago Japan was pressured to accept a “Voluntary Export Restraint” (VER) on the number of cars that it shipped to the United States. Use separate demand and supply diagrams for a. the market for Japanese cars in the United States, and b. the market for US cars in the United States, and show and explain the effect of the introduction of the VER on each market. [Hints: Treat US and Japanese cars as different goods with separate prices and quantities. What does the supply curve for Japanese cars look like after the VER is introduced?]

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