10) 8. Use the following graph for the milk market to answer the question below. There would be excess supply (a surplus) of milk whenever the price is A) between $1.5 and $2.00 per gallon. B) lower than $1.50 per gallon. C) lower than $2.00 per gallon. D) higher than $1.50 per gallon. Price (per gallon) $2.00 $1.50 $1.00 0 3 20 27 28 30 Millions of Gallons of Milk per Week 35

10) 8. Use the following graph for the milk market to answer the question below. There would be excess supply (a surplus) of milk whenever the price is A) between $1.5 and $2.00 per gallon. B) lower than $1.50 per gallon. C) lower than $2.00 per gallon. D) higher than $1.50 per gallon. Price (per gallon) $2.00 $1.50 $1.00 0 3 20 27 28 30 Millions of Gallons of Milk per Week 35

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 5CQQ

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