In year 2008,1334 million lbs milk was produced and sold in U.S.This is
A) the decision of the U.S. department of agriculture.
B) quantity determined by the interactions in the market.
C) the maximum amount the producers could produce.
D) what consumers needed.

Question

Quizplus · Accepted Answer

The production and sale of 1334 million lbs milk in the U.S. in 2008 was determined by the interactions in the market, where the quantity demanded by consumers and the quantity supplied by producers reached an equilibrium. It was not a decision of the U.S. department of agriculture, the maximum amount producers could produce, or solely based on what consumers needed.

In Year 2008,1334 Million Lbs Milk Was Produced and Sold