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Total surplus and allocative inefficiency due to governemt regulation of
Concept Introduction-
Economic Regulation- The government imposed restrictions on a firm decisions over the price, quantity and entry and exit.
Price Floor- It is the Government imposed price control or the minimum price at which the commodity can be sold. It is a government control aimed at preventing the prices from falling too low. It has a major application in labor wages and prices of agricultural produce.
Government imposed quantity restriction- It is the maximum quantity that can be produced in the market. The examples of such restrictions are licencing and import quota.
Dead weight loss- The fall in the total surplus consequent upon a market distortion like governemnt regulation like
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Economics Today: The Micro View (18th Edition)
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