Suppose an individual dairy farmer in Northamptonshire decides that the going price for milk is too low. The farmer reasons that a restriction in...

Suppose an individual dairy farmer in Northamptonshire decides that the going price for milk is too low. The farmer reasons that a restriction in supply will force the market price up. So, instead of selling 100,000 liters of milk this year, the farmer plans to dump 80,000 gallons liters down the drain and release only 20,000 liters onto the market. Explain the effects of this strategy.