Demonstrate how a price floor is like a tax on consumers and a subsidy to suppliers. Label

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Demonstrate how a price floor is like a tax on consumers and a subsidy to suppliers. Label the following: tax on consumers, transfer of surplus to suppliers, and welfare loss.

a. Who gets the revenue in the case of a tax?

b. Who gets the revenue in the case of a price floor?

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Related Book For  answer-question

Microeconomics

ISBN: 9781260507140

11th Edition

Authors: David Colander

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