According to the efficiency criterion,when a policy creates both winners and losers,it will be preferred to the status quo as long as the winners' gains outweigh the losers' losses.
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Q11: The Pareto criterion is a criterion under
Q12: To be effective,a price ceiling needs only
Q13: Although a sales tax hurts both producers
Q14: A given level of output is efficient
Q15: Consumers will benefit from a tariff,because it
Q17: If a tax and a price control
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Q19: Market demand always represents marginal value.
Q20: Producer's surplus is equal to total revenue
Q21: Sales Tax
The following questions refer to the
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