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In Venezuela, the Government Has Implemented Price Controls on Cornmeal

Question 87

Multiple Choice

In Venezuela, the government has implemented price controls on cornmeal, and the resulting shortage created a black market for the product.When compared to the competitive equilibrium, this situation has resulted in a transfer of ________ to black market sellers.


A) only consumer surplus
B) both consumer surplus and producer surplus
C) only producer surplus
D) deadweight loss

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