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Click on the icon to read the news clip, then answer the following questions. The graph shows the market for milk in Venezuela when a price control is in effect. Draw a shape that represents: 1) consumer surplus. Label it CS. 2) producer surplus. Label it PS. 3) the deadweight loss. Label it DWL. Also draw a shape that show the resources lost from time spend in line. Label it Loss. Moving from a milk market with no price controls to a milk with price controls consumer surplus and producer surplus. O A. decreases; increases OB. decreases; decreases OC. increases; increases D. increases; decreases In the market for cheese, Selected: none O 60- 50- 40- 30- 20- 10- Price (bolivars per gallon) 0 40 100 $ 300 200 300 400 500 Quantity (gallons of milk) >>> Draw only the objects specified in the question. Delete Clear ? Price control D 600 700 Next Se

Click on the icon to read the news clip, then answer the following questions. The graph shows the market for milk in Venezuela when a price control is in effect. Draw a shape that represents: 1) consumer surplus. Label it CS. 2) producer surplus. Label it PS. 3) the deadweight loss. Label it DWL. Also draw a shape that show the resources lost from time spend in line. Label it Loss. Moving from a milk market with no price controls to a milk with price controls consumer surplus and producer surplus. O A. decreases; increases OB. decreases; decreases OC. increases; increases D. increases; decreases In the market for cheese, Selected: none O 60- 50- 40- 30- 20- 10- Price (bolivars per gallon) 0 40 100 $ 300 200 300 400 500 Quantity (gallons of milk) >>> Draw only the objects specified in the question. Delete Clear ? Price control D 600 700 Next Se

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Help please with the graph and my answer is correct or incorrect
Click on the icon to read the news clip, then answer the following questions. The graph shows the market for milk in Venezuela when a price control is in effect. Draw a shape that represents: 1) consumer surplus. Label it CS. 2) producer surplus. Label it PS. 3) the deadweight loss. Label it DWL. Also draw a shape that show the resources lost from time spend in line. Label it Loss. Moving from a milk market with no price controls to a milk with price controls consumer surplus and producer surplus. O A. decreases; increases OB. decreases; decreases OC. increases; increases D. increases; decreases In the market for cheese, Selected: none 0 G 60- 50- 40- 30- 20- 10- Price (bolivars per gallon) 0 40 100 $ 300 200 300 400 500 Quantity (gallons of milk) >>> Draw only the objects specified in the question. Delete Clear ? Price control D 600 700 Next 5 US S 29 SE
Transcribed Image Text:Click on the icon to read the news clip, then answer the following questions. The graph shows the market for milk in Venezuela when a price control is in effect. Draw a shape that represents: 1) consumer surplus. Label it CS. 2) producer surplus. Label it PS. 3) the deadweight loss. Label it DWL. Also draw a shape that show the resources lost from time spend in line. Label it Loss. Moving from a milk market with no price controls to a milk with price controls consumer surplus and producer surplus. O A. decreases; increases OB. decreases; decreases OC. increases; increases D. increases; decreases In the market for cheese, Selected: none 0 G 60- 50- 40- 30- 20- 10- Price (bolivars per gallon) 0 40 100 $ 300 200 300 400 500 Quantity (gallons of milk) >>> Draw only the objects specified in the question. Delete Clear ? Price control D 600 700 Next 5 US S 29 SE
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