What is the equilibrium price and quantity of milk

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Reference no: EM131824306

Question: Suppose that the quantity demanded and quantity supplied in the market for milk is as follows:

a. What is the equilibrium price and quantity of milk?

b. If the government places a price ceiling of $2 on milk, will there be a shortage or surplus of milk? How large will it be? How many gallons of milk will be sold?

Reference no: EM131824306

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