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1. Since the Great Depression, milk prices in each region of the country are set by the federal government. In the New England, the Northeast

1. Since the Great Depression, milk prices in each region of the country are set by the federal government. In the New England, the Northeast Interstate Dairy Compact guarantees that the price for milk in New England will be set even higher than the price dictated by the federal government. As a result, milk prices in New England are higher than the price that would be set in a perfectly competitive free market. Explain why this is inefficient

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