How taxes and quotas will affect the market price

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Regarding market constraints: A. Explain how taxes and quotas will affect the market price, the consumption level, and total (consumer plus producer) surplus in a particular market. B. Will you answer depend on whether the market is perfectly competitive vs. monopolized by a single firm? Explain. C. Repeated (important question): An article in the Corvallis Gazette-Times (“Water Worries Draw Study of Willamette, February 26, 2011, p. A3) suggests that global warming will cause a water shortage in the Willamette Valley. What is meant by a shortage? Can global warming cause a water shortage if there is a free market (i.e., no government involvement) for water?

Reference no: EM131084771

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