Topic: Price Controls and Consumer Surplus
consider the following questions related to the articles from The Economist:
1.) Are price controls good or bad? (See Venezuela's experience with food and China's taxi problem.)
2.) What do price controls have to do with basketball? (Hint: Lebron can't be stopped by a mere price ceiling!)
3.) What is the consumer surplus of the internet?
consider further questions such as:-
• what the heck is consumer surplus?
• Can consumer surplus ever be negative?
• Is consumer surplus cooler, less cool, or just as cool as producer surplus?
• What about Lebron's producer surplus?
• Is it being unfairly limited?