Use the following to answer questions:
Figure: Policy Alternatives 
-(Figure: Policy Alternatives) Refer to Figure: Policy Alternatives. If the economy is in equilibrium at Y1 in panel (a) and the government does not intervene, the result will likely be:
Definitions:
Value Chain
The full range of activities that businesses go through to bring a product or service from its conception to its end use by consumers.
Cost of Goods Sold
The direct costs attributable to the production of the goods sold by a company, including the cost of the materials and labor directly used to create the product.
Cost of Goods Manufactured
The total cost of all materials, labor, and overhead used to produce goods during a specific period.
Cost of Goods Purchased
The total expense incurred by a company to buy the goods it has sold or will sell, excluding any indirect costs.
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