Click on the icon to read the news clip, then answer the following questions.wwwThe 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 itLoss.Moving from a milk market with no price controls to a milk with price controlsconsumer surplus andproducer surplus.OA. increases; decreasesOB. decreases; increasesOc. increases; increasesOD. decreases; decreasesIn the market for cheese,OA. the price is below the market equilibrium9O60-50-40-30-20-Price (bolivars per gallon)10+040$100Pricecontrol300200 300 400 500 600 700Quantity (gallons of milk)>>> Draw only the objects specified in the question.DNext Click on the icon to read the news clip, then answer the following questions.v/vvyin VVU. LUNDERTAlso draw a shape that show the resources lost from time spend in line. Label itLoss.Moving from a milk market with no price controls to a milk with price controlsconsumer surplus andproducer surplus.A. increases; decreasesOB. decreases; increasesO c. increases; increasesOD. decreases; decreasesIn the market for cheese,OA. the price is below the market equilibriumOB. total surplus is maximized and no deadweight loss arisesOC. a deadweight loss arisesOD. consumer surplus decreases and producer surplus decreases

Price control is a government-imposed economic strategy that establishes minimum price or price…

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. increases; decreases OB. decreases; increases Oc. increases; increases OD. decreases; decreases In the market for cheese, OA. the price is below the market equilibrium 60- 50- 40- 30- 20- 10 Price (bolivars per gallon) 0 40 $ 100 2 Price contral 300 200 300 400 500 600 700 Quantity (gallons of milk) >>> Draw only the objects specified in the question. D SOU

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. increases; decreases OB. decreases; increases Oc. increases; increases OD. decreases; decreases In the market for cheese, OA. the price is below the market equilibrium 60- 50- 40- 30- 20- 10 Price (bolivars per gallon) 0 40 $ 100 2 Price contral 300 200 300 400 500 600 700 Quantity (gallons of milk) >>> Draw only the objects specified in the question. D SOU

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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