Slide 1 GECON 200: Lecture 5 Economic Efficiency, Government Price Setting, and Taxes (Chapter 4) Slide 2 Markets And Social Welfare What Do You Think? When are the prices…

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Fourth Edition Consumer surplus The difference between the highest price a consumer is willing to pay for a good or service and the price the consumer actually pays. Marginal…

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Lecture 2.2 Chapter 5 Economic Efficiency, Government Price Setting and Taxes Copyright © 2013 Pearson Australia (a division of Pearson Australia Group Pty Ltd) â 9781442558069/Hubbard…