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A. Early in the semester, we talked about rent control as an example of a government imposed price ceiling. Outline some of the short term impacts, both positive and negative, on market participants and on economic efficiency. Describe a few of the long-run impacts, nearly all of which are negative.
B. Price discrimination is one way firms who have monopoly power can attempt to build their profits even further. Briefly discuss two or three examples of price discrimination that were discussed in class and identify how firms' ability to separate consumers into two or more groups is critical in their efforts to build profits.
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