Milk quotas in the European Union were abolished on April 1, 2015. They had been introduced in
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Milk quotas in the European Union were abolished on April 1, 2015. They had been introduced in 1984 under the Common Agricultural Policy to manage excess supply. What are the effects of a limit on the amount of a good that competitive firms may sell on consumer surplus, producer surplus, and welfare? Who benefits from such a rule?
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The imposition of a limit on the amount of a good that competitive firms may sell such as milk quotas in the European Union can have several effects o...View the full answer
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