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 itLoss.Moving from a milk market with no price controls to a milk with price controlsconsumer surplus andproducer surplus.OA. increases; increasesOB. increases; decreasesOC. decreases; increasesOD. decreases; decreasesIn the market for cheese,OA. consumer surplus decreases and producer surplus decreases60-50-40-3020-10-Price (bolivars per gallon)040$300200 300 400 500 600 700Quantity (gallons of milk)>>> Draw only the objects specified in the question.100PricecontrolDNextSOU Click on the icon to read the news clip, then answer the following questions....1/47 Suvungin NL.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; increasesB. increases; decreasesOC. decreases; increasesOD. decreases; decreasesIn the market for cheese,OA. consumer surplus decreases and producer surplus decreasesB. total surplus is maximized and no deadweight loss arisesOC. the price is below the market equilibriumOD. a deadweight loss arises

Deadweight loss alludes to the advantages lost by consumers as well as producers when markets don't…

Click on the icon to read the news clip, t The graph shows the market for milk in Vene- 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 H Loss. *** Moving from a milk market with no price con consumer surplus and pre A. increases; increases B. increases; decreases OC. decreases; increases OD. decreases; decreases In the market for cheese, A. consumer surplus decreases and pr

Click on the icon to read the news clip, t The graph shows the market for milk in Vene- 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 H Loss. *** Moving from a milk market with no price con consumer surplus and pre A. increases; increases B. increases; decreases OC. decreases; increases OD. decreases; decreases In the market for cheese, A. consumer surplus decreases and pr

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

Section7.2: Producer Surplus

Problem 2QQ

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