Business, 18.02.2021 22:10 Jasten

When the USDA purchases the excess supply, the milk soon spoils and is discarded. As a result, the total surplus is reduced by the amount the USDA spent buying surplus milk. Assume that the taxes used to pay for the USDA purchases are not levied on the market for milk but from other sources. What is the total surplus when there is a price floor

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When the USDA purchases the excess supply, the milk soon spoils and is discarded. As a result, the t...

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