供给、需求与政府政策英

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1、Chapter5Supply,DemandandGovernmentPolicies1.Supply,Demand,andGovernmentPolicies2.PriceControls...Areusuallyenactedwhenpolicymakersbelievethemarketpriceisunfairtobuyersorsellers.Resultingovernment-createdpriceceilingsandfloors.2.1PriceCeilings&PriceFloorsPriceCeilingsTwooutcomesarepossib

2、lewhenthegovernmentimposesapriceceiling:Thepriceceilingisnotbindingifsetabovetheequilibriumprice.Thepriceceilingisbindingifsetbelowtheequilibriumprice,leadingtoashortage.APriceCeilingThatIsNotbinding...APriceCeilingThatIsBinding...EffectsofPriceCeilingsThePriceCeilingonGasolineIsNotBind

3、ing...ThePriceCeilingonGasolineIsBinding...RentControlRentcontrolsareceilingsplacedontherentsthatlandlordsmaychargetheirtenants.Thegoalofrentcontrolpolicyistohelpthepoorbymakinghousingmoreaffordable.Oneeconomistcalledrentcontrol“thebestwaytodestroyacity,otherthanbombing.”RentControlinth

4、eShortRun...RentControlintheLongRun...PriceFloorsWhenthegovernmentimposesapricefloor,twooutcomesarepossible.Thepricefloorisnotbindingifsetbelowtheequilibriumprice.Thepricefloorisbindingifsetabovetheequilibriumprice,leadingtoasurplus.APriceFloorThatIsNotBinding...APriceFloorThatIsBinding

5、...EffectsofaPriceFloorEffectsofaPriceFloorAbindingpricefloorcauses...…asurplusbecauseQS>QD.…nonpricerationingisanalternativemechanismforrationingthegood,usingdiscriminationcriteria.Examples:Theminimumwage,Agriculturalpricesupports3TheMinimumWageAnimportantexampleofapriceflooristheminim

6、umwage.Minimumwagelawsdictatethelowestpricepossibleforlaborthatanyemployermaypay.TheMinimumWageTheMinimumWageTaxesWhataresomepotentialimpactsoftaxes?Taxesdiscouragemarketactivity.Whenagoodistaxed,thequantitysoldissmaller.Buyersandsellerssharethetaxburden.TaxesImpactofa50¢TaxLeviedonBuye

7、rs...Impactofa50¢TaxLeviedonBuyers...Whatwastheimpactoftax?Taxesdiscouragemarketactivity.Whenagoodistaxed,thequantitysoldissmaller.Buyersandsellerssharethetaxburden.Impactofa50¢TaxonSellers...APayrollTaxTheIncidenceofTaxInwhatproportionsistheburdenofthetaxdivided?Howdotheeffect