Illustrate the following with supply and demand curves:
The steel industry has been lobbying for high taxes on imported steel. Russia, Brazil, and Japan have been producing and selling steel on world markets at $610 per metric ton, well below what equilibrium would be in the US with no imports. If no imported steel was permitted into the country, the equilibrium price would be $970 per metric ton. Show supply and demand curves for the US, assuming no imports; then show what the graph would look like if US buyers could purchase all the steel that they wanted from world markets at $610 per metric ton; show the quantity of imported steel.