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Course: AP??/College Microeconomics?>?Unit 2
Lesson 8: The effects of government interventions in markets- Rent control and deadweight loss
- Minimum wage and price floors
- Price and quantity controls
- How price controls reallocate surplus
- The effect of government interventions on surplus
- Taxation and dead weight loss
- Example breaking down tax incidence
- Taxes and perfectly inelastic demand
- Taxes and perfectly elastic demand
- Tax Incidence and Deadweight Loss
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Price and quantity controls
Problem
In the interest of public health, the nation of Burginville prohibits bakeries from selling more than cronuts per week.
What is the term for the control imposed on the cronut market in Burginville?