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QUESTION
The government has decided to lower the price of jelly beans, which are produced by a perfectly competitive industry that has an upward-sloping...
The government has decided to lower the price of jelly beans, which are produced by a perfectly competitive industry that has an upward-sloping supply curve (reflecting marginal cost). The market demand curve is downward-sloping. No externalities are created by the industry or its product.
The government is considering implementing one of two options:
