Give some examples of government intervention. What refers to maximum legal prices at which goods can be sold? What are the two primary effects of taxes?

Name: Econ 200 Week 5 Notes
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Chapter 6 Notes Government Intervention 6.0 Introduction Every single government in the world intervenes in markets in some way. There are typically three reasons for this: 1. Correction of market failure -- Markets don’t always work efficiently in the real world. When the assumption of an efficient competitive market fails to hold, a market failure is said to have occurred. Examples include a monopolized product with an inefficiently