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suppose the milkmarket is perfectly competitive market in equilibrium with equilibrium price 2 dollars per
suppose the milk market is perfectly competitive market in equilibrium with equilibrium price 2 dollars per
gallon, which two of the following statements are true?
a) if the government regulates the prices at 3 dollars per gallon, there will be a shortage of milk in the market
b) the government regulates the prices at 3 dollars per gallon, there will be a surplus of milk in the market
c) the government regulates the prices at 1 dollar per gallon, there will be a shortage of milk in the market
d) the government regulates the prices at 1 dollar per gallon, there will be a surplus of milk in the market
