Choices 1) $7, $8, or $5 2) 15 million, 100 million, 0 million 3) $120 million,

Question

Choices
1) $7, $8, or $5
2) 15 million, 100 million, 0 million
3) $120 million, $160 million, $40 million 6. Special-interest groups, lobbying, and rent-seeking behavior The following graph shows the market for orange Juice. tool to help you answer the following questions. You will not be graded on any changes you make to this graph ld, the graph and any corresponding amounts in the grey field will change accordingly. Note: Once you enter a value in a white fie Graph Input Tool 10 Price (Dollars per gallon) Supply 23 Quantity supplied (Millions of gallons) demanded (Millions of gallons) US ns of gallons) o Shortage 20 Milins of gallons) 10 15 20 25 QUANTITY (Millions of gallions)

Explanation / Answer

The market price without government regulation is $5

In order to keep the price at $8, the government needs to buy 15 gallons that would cost the government $8

The legislation would be defeated as the increased price of orange juice will hurt millions of consumers

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