Changes

*deadweight loss: the lost consumer surplus explained above AND (in the case of a tax) the lost producer surplus (benefit to the seller who was willing to produce at a price less than what he sold it for)

*deadweight loss: the lost consumer surplus explained above AND (in the case of a tax) the lost producer surplus (benefit to the seller who was willing to produce at a price less than what he sold it for)

== Review: Government Policy ==

== Government Policy ==

As mentioned in a prior election, 10% of the CLEP iexam is on government policy.  With an ear tuned for political bias, student can rack up many correct answers here.  But if the student's ear is slightly off-key, he can lose far more points here than he should.

As mentioned in a prior election, 10% of the CLEP iexam is on government policy.  With an ear tuned for political bias, student can rack up many correct answers here.  But if the student's ear is slightly off-key, he can lose far more points here than he should.