Textbook Notes (369,153)
Canada (162,424)
Economics (818)
ECON 2310 (47)
B Ferguson (11)
Chapter 15

Chapter 15- Market Interventions.pdf

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ECON 2310
B Ferguson

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Chapter 15- Market Interventions November 6, 2013 10:15 PM Definitions Specific Tax- a fixed dollar amount that must be paid on each unit bought or sold Ad Valorem Tax- a tax that is stated as a percentage of the good's price Incidence- the incidence of a tax indicates how much of the tax burden is borne by various market participants Deadweight Loss of Taxation- the lost aggregate surplus due to a tax Subsidy- a payment that reduces the amount that buyers pay for a good or increases the amou
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