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Unformatted text preview: Consumer surplus iv. Producer surplus v. Economic surplus 3. Quota a. Definition b. Effects on. .. i. Price ii. Quantity iii. Consumer surplus iv. Producer surplus v. Economic surplus c. How managed? 4. Tariffs vs. Quotas: longer term results 5. Conclusions III. NEXT TIME A. Begin Chapter 12: “Production and Cost Analysis I”...
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