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

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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