Effects of two policies on consumer surplus and welfare

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The park service wants to restrict the number of visitors to Yellowstone National Park to Q*,which is fewer than the current number of visitors. It considers two policies: (i) raise the price of admissions, or (ii) set a quota. Compare the effects of these two policies on consumer surplus and welfare. Use a graph to show which policy is superior according to welfare criterion.

Reference no: EM13186562

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