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Describe the effect of forcing the price on consumer surplus

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Reference no: EM131607316

Question: The dairy industry is an example of cartel pricing: the government has set milk prices artificially high. On a supply and demand graph, label p+, a price above the equilibrium price. Using the graph, describe the effect of forcing the price up to p+ on:

(a) The consumer surplus.

(b) The producer surplus.

(c) The total gains from trade (Consumer surplus + Producer surplus).

Reference no: EM131607316

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