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Unformatted text preview: CS = $500 TES = $1,250 (d) True or False . With a successful milk advertising campaign (Got Milk?), the market price of milk will rise and the market clearing quantity of milk will fall. $3.50 $2.50 P Mil k 1,000 Q Milk $1.00 S Milk D Milk 3. Given a leftward shift in demand for a product as illustrated below, fill in the blanks regarding questions about producer surplus. Producer Surplus Before __ C + D + E __ After ____ E _____ Change ____-C - D ____ P P 1 P 2 Q A B I D 1 D 2 C D G H E F S...
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This document was uploaded on 12/13/2010.
- Spring '09