Suppose the federal government proposes a subsidy for all milk produced that results in a 25% increase in the quantity supplied of milk at every price.

a) Describe the impact on the equilibrium price and quantity of milk.
b) Explain the concept of subsidy in the context of milk production.
c) Discuss potential consequences for dairy farmers and consumers.
d) Analyze the long-term effects of the proposed subsidy on the dairy industry.