The American demand and supply curves for oranges cross at a price of $8, but all Americans
Question:
One day, the U.S. government announces that it will pay $6 apiece for American oranges and will buy as many oranges as Americans want to sell at that price.
The government then takes these oranges and resells them on the world market at $5 apiece. Illustrate the gains and losses to all relevant groups of Americans, and illustrate the deadweight loss.
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Consumers are always free to buy oranges at 5 so their cons...View the full answer
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