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Explain why an equilibrium point in a free market is considered to be the socially efficient point Sketch graph a situation where a government price ceiling below equilibrium leads to inefficiency

Explain why an equilibrium point in a free market is considered to be the socially efficient point. Sketch graph a situation where a government price ceiling below equilibrium leads to inefficiency. Explain in words why the inefficiency exists and shade in on your graph the lost benefit that creates the inefficiency.  

61.If the demand curve of a market is P = 14 - Q and the supply curve is P = 2 + 2Q, what is the surplus created if a price support of 12 is imposed in the market?  

Feb 11 2020 View more View Less

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