The perfectly competitive market for wheat is in equilibrium at an intersection of the Demand and Supply curves. Draw a graph to show Consumer Surplus and Producer Surplus.(4 points)

3 b) US Agricultural policy has set a minimum price BELOW the equilibrium price that would have existed in the absence of this policy (represented in your graph in Part 4a). Draw a graph to represent and label Consumer Surplus, Producer Surplus, and Deadweight Loss resulting from this policy.(4 points)

3 c) What is the likely market outcome if the government maintains this price floor