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Question 8: 5 marks Historically, the fresh milk market was a highly competitive one. In the 1930s in Victoria, dairy farmers began sharing their knowledge

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Question 8: 5 marks Historically, the fresh milk market was a highly competitive one. In the 1930s in Victoria, dairy farmers began sharing their knowledge of best farming practices in "trade journals". Also, local governments built more and better rural roads to Melbourne. Furthermore, the Victorian Milk Board launched a successful advertising campaign entitled "Milk: use more - drink more - the perfect food.". Based solely on this information, are you able to predict what would happen to the equilibrium market price and quantity of fresh milk sold in Victoria? Explain your

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