Assume that the National Park Services want to restrict the number of visitors to Yellowstone to 3m visitors a year, which is smaller than the...

Assume that the National Park Services want to restrict the number of visitors to Yellowstone to 3m visitors a year, which is smaller than the current record at 4.3m. They consider two policies:

i.                Raising the price of admissions, and

ii.               Setting a quota that limits the number of visits to 3m.

Compare the effect of these two policies on consumer surplus and welfare. Use a graph to show which policy is superior.