may you please help me solve this. thank you Question 3If the government sets a production quota for rice that exceeds the equilibrium quantity, then theprice of a ton of rice and the quantity.falls; decreasesrises; increasesO falls; increasesOrises; decreasesO None of the above answers are correct.Question 4When a dairy produces skim milk it also simultaneously produces cream. Suppose the price of skimmilk rises. As a result, the equilibrium price of creamand the equilibrium quantity of creamfalls; increasesfalls; decreasesdoes not change; does not change-rises; decreasesO rises; increases

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Question 3 If the government sets a production quota for rice that exceeds the equilibrium quantity, then the price of a ton of rice and the quantity. O falls; decreases rises; increases O falls; increases Orises; decreases None of the above answers are correct.

Question 3 If the government sets a production quota for rice that exceeds the equilibrium quantity, then the price of a ton of rice and the quantity. O falls; decreases rises; increases O falls; increases Orises; decreases None of the above answers are correct.

MACROECONOMICS

14th Edition

ISBN:9781337794985

Author:Baumol

Publisher:Baumol

Chapter4: Supply And Demand: An Initial Look

Section: Chapter Questions

Problem 3TY

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