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1.If the current milk pricing policy in Canada keeps the farm price of milk constant in real terms, but the MC over time declines in

1.If the current milk pricing policy in Canada keeps the farm price of milk constant in real terms, but the MC over time declines in real terms, due to advances in technology, what will happen over time to the quota level (Q1), given what you know about how quota levels are chosen? If there is no change in demand, what other changes would follow from these declining costs?

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