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Assume that the National Park Services want to restrict the number of visitors to Yellowstone to 3m visitors a year, which is smaller than the current record at 4.3m. They consider two policies: i. Raising the price of admissions, and ii. Setting a quota that limits the number of visits to 3m. Compare the effect of these two policies on consumer surplus and welfare. Use a graph to show which policy is superior.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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