1. Listen to podcast below:
2. Answer the following 3 questions:
- What do you think the government did to the price of milk? Use the terms and concepts (i.e. describing hypothetical supply and demand curves) from this week’s chapter.
- This story is a great example of the interdependence principle at work. List and describe some of the interdependencies from the podcast. What are some other interdependencies you have encountered arising from a market intervention?
- Another important element of the program was how to eventually wind it down. What were some of the pros and cons of how the Reagan administration accomplished this? What would you have done differently? What did you find most interesting about this podcast?