Answered: Refer to the above diagram for the milk…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Refer to the above diagram for the milk market. If the price were $2.00 per gallon, then there would be O a surplus of 30 million gallons. a shortage of 20 million gallons. O a surplus of 10 million gallons. O a shortage of 10 million gallons.