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Should price gouging be illegal?
When you have completed your study of this chapter, you will be able to
1 Describe the alternative methods of allocating scarce resources, and define and explain the features of an efficient allocation.
2 Distinguish between value and price, and define consumer surplus.
3 Distinguish between cost and price, and define producer surplus.
4 Evaluate the efficiency of the alternative methods of allocating resources.
5 Explain the main ideas about fairness, and evaluate the fairness of the alternative methods of allocating scarce resources.
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