Table of Contents
Market Efficiency and Government Intervention
Social Interest and the Invisible Hand
Social Interest and the Invisible Hand
Consumer Surplus
The Demand Curve and Consumer Surplus
The Supply Curve and Producer Surplus
The Supply Curve and Producer Surplus
Market Equilibrium and Efficiency
Impact of an Imposed Maximum Price on the Total Surplus of the Market
Impact of an Imposed Maximum Price on the Total Surplus of the Market
Impact of an Imposed Minimum Price on the Total Surplus of the Market
Impact of an Imposed Minimum Price on the Total Surplus of the Market
Government Intervention: Restricting Quantity
The Market Effects of Taxi Medallions
Winners and Losers From Medallions
Import Restrictions
Import Restrictions
Spillovers and Market Inefficiency
Spillovers Costs
Tradeoffs From Producing Less
Determining the Optimal Amount of Pollution
Tradeoffs From Producing Less
Finding the Socially Optimal Amount of Output
Market Effects of a Pollution Tax
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