Exhibit 16.2

-Refer to Exhibit 16.2,which shows the market for milk.Suppose the government introduces a variety of policies that set floor prices for milk at $3.00.Without government intervention,the market price of milk would average $2 per gallon for a market quantity of 100 million gallons per month.In such a case,total outlays by consumer-taxpayers equal _____,though they consume _____ fewer gallons.

Question

Exhibit 16.2
 
-Refer to Exhibit 16.2,which shows the market for milk.Suppose the government introduces a variety of policies that set floor prices for milk at $3.00.Without government intervention,the market price of milk would average $2 per gallon for a market quantity of 100 million gallons per month.In such a case,total outlays by consumer-taxpayers equal _____,though they consume _____ fewer gallons.

Quizplus · Accepted Answer

The Answer of Exhibit 16.2
 
-Refer to Exhibit 16.2,which shows the market for milk.Suppose the government introduces a variety of policies that set floor prices for milk at $3.00.Without government intervention,the market price of milk would average $2 per gallon for a market quantity of 100 million gallons per month.In such a case,total outlays by consumer-taxpayers equal _____,though they consume _____ fewer gallons.

Exhibit 16.2 -Refer to Exhibit 16.2,which Shows the Market for Milk.Suppose the Market