Module Supply and Demand: Quantity Controls KRUGMAN'S MACROECONOMICS for AP* 9 Margaret Ray and David Anderson.

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Module Supply and Demand: Quantity Controls KRUGMAN'S MACROECONOMICS for AP* 9 Margaret Ray and David Anderson

What you will learn in this Module : The meaning of quantity controls, another way government intervenes in markets How quantity controls create problems and can make a market inefficient Who benefits and who loses from quantity controls, and why they are used despite their well-known problems

Quantity Control - Quota Licenses Controlling Quantities Deadweight Loss: losses associated with quantities of output that are greater than or less than the efficient level, as can result from market intervention such as taxes, or from externalities such as pollution.

The Anatomy of Quantity Controls

Demand Price Supply Price Wedge - Quota Rent

The Cost of Quantity Controls Deadweight Loss

Figure 9.1 The Market for Taxi Rides in the Absence of Government Controls Ray and Anderson: Krugman’s Economics for AP, First Edition Copyright © 2011 by Worth Publishers

Figure 9.2 Effect of a Quota on the Market for Taxi Rides Ray and Anderson: Krugman’s Economics for AP, First Edition Copyright © 2011 by Worth Publishers