크루그먼의 경제학입문 4과 답안

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4-7. In the late eighteenth century, the price of bread in New York City was controlled, set at a predetermined price above the market price.
a. Draw a diagram showing the effect of the policy. Did the policy act as a price ceiling or a price floor?
: Panel (a) of the accompanying diagram illustrates the effect of this policy. Since the price is set above the market equilibrium price, this policy acts as a price floor: it raises the price artificially above the equilibrium. As a result, too much bread is produced: there is a surplus.

b. What kinds of inefficiencies were likely to have arisen when the controlled price of bread was above the market price? Explain it detail.
: As with all price floors above the equilibrium price, there are several associated inefficiencies. First, there is deadweight loss from inefficiently low quantity. Some transactions that would have occurred at the unregulated market price no longer occur. Second, there is inefficient allocation of sales among bakers.

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