Use the figure below to answer the following questions.
Figure 19.1.1
-Refer to Figure 19.1.1. The richest 20 percent of households receive what share of total income?
Definitions:
Deadweight Loss
An economic inefficiency that occurs when market equilibrium is not achieved or is distorted, typically due to a price floor, ceiling, or tax.
Price Control
A government-imposed limit on the price charged for a product.
Price Ceiling
A legal maximum price that can be charged for a good or service.
Own Price Elasticity
A measure of how much the quantity demanded of a good responds to a change in the price of that good, ceteris paribus.
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