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Mod 9 Review Flashcards | StudBud

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What is the Quota Rent

What is demand price

Mod 9 Review

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Questions 7

Answers

1
What is demand price
The price at which producers will supply that quantity
The price that consumers will demand that quantity of a good
2
What is the Quota Rent
The surplus of goods allowed by the government
the amount on the supply curve at quota amount
The extra amount of money charged by producers because of limited demand
the amount on the demand curve at quota amount
3
What is the Supply Price
The price that consumers will demand that quantity of a good
Price at which producers will supply that quantity
4
What is deadweight loss
The value of foregone (missed), mutually beneficial transactions
limit on the quantity of a good
The loss of products due to shipping
the gain of goods
5
What is a Quota
A limit on the quantity of some good that can be bought or sold
A fund implemented by the government
The price at which consumers will demand the quantity
Gives the owner the rights to supply a good or service
6
What is a wedge
The space above the graph
The point at where Quantity supplied equals Quantity demanded
The space between a demand price and a supply price
The area below the graph
7
What is NOT a side effect of Quotas
Encourage Evasion
Create Opportunities
Missed Opportunities
Lost gains from the missed oppurtunities