Examlex

Solved

When Are Quantity Restrictions Not the Same as Price Restrictions

question 27

Essay

When are quantity restrictions not the same as price restrictions (via taxes)? Describe one situation in which the government would be better off imposing quantity restrictions than setting a tax,and explain why quantity restrictions are better in that case.


Definitions:

Alexander Fleming

The Scottish bacteriologist best known for discovering the antibiotic substance penicillin in 1928.

Penicillin

A group of antibiotics derived from Penicillium fungi, effective against many bacterial infections.

Romeo And Juliet

A tragedy written by William Shakespeare about two young star-crossed lovers whose deaths ultimately reconcile their feuding families.

Exiled

The state of being barred from one's native country, typically for political or punitive reasons.

Related Questions