Moneda si Credit

Băncile comerciale şi funcţiile lor

Termenul de „bancă comercială” a apărut în primele etape de dezvoltare ale activităţii Bancare, cînd băncile sprijineau preponderent comerţul, schimbul de mărfuri şi plăţile. Principalii clienţi ai acestor bănci erau „comercianţii” – de aici se trage şi noţiunea de „bancă comercială”.

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Instituţiile financiar-creditare internaţionale

Instituţiile financiar-creditare internaţionale au fost create şi activează pe baza convenţiilor interstatale. Ele sunt menite să regleze relaţiile economice internaţionale. Ele urmăresc scopurile lor, rezolvă diferite probleme şi activează pe scară globală sau regională.

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Piata monetara si politica monetar-creditara

Politica economică a oricărui stat modern cuprinde mai multe politici, fiecare avînd un rol bine determinat în contribuirea la creşterea economică şi asigurarea bunăstării populaţiei. Alături de aceste politici, cum ar fi politica bugetară, comercială, a preţurilor, financiară şi valutară, o importanţă deosebită îi revine politicii monetare şi de credit, care prin intermediul instrumentelor şi pîrghiilor sale exercită o influenţă deosebită asupra cursului vieţii economice.

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Direcţiile politicii de stabilizare în condiţiile economiei de tranziţie

Bazele teoretice ale politicii de stabilizare în conceptele keynesiste şi monetariste

Etapele ciclurilor economice ce parvin în urma scăderii şi creşterii producţiei necesită realizarea unei politici de stabilizare. Elaborarea ei devine primordială mai cu seamă în condiţiile economiilor de tranziţie caracterizate printr-un mecanism de piaţă insuficient de dezvoltat. Politica de stabilizare depinde în mare măsură de concepţia teoretică adoptată de adepţii diverselor opinii economice, ce expun în mod diferit mecanismul funcţionării economiei de piaţă.

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Caracteristicile principalelor cheltuieli publice

Principalele categorii de cheltuieli publice includ cheltuieli privind: acţiuni social-culturale, asigurările sociale, asigurările sociale pentru sănătate, acţiuni economice şi servicii publice (generale, apărare, siguranţă naţională, ordine publică).

Cheltuieli publice pentru acţiuni social-culturale

In epoca contemporană (după 1950), efectuarea acestor cheltuieli se bazează pe concepţia „statului bunăstării” (welfare state), ale cărui principii sunt:

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Sistemul veniturilor publice

Veniturile publice includ resursele financiare ale administraţiei de stat, ale asigurărilor sociale de stat şi ale instituţiilor publice cu caracter autonom. Dimensiunea şi structura lor depind de un complex de factori, in care se includ:

  • factori economici, concretizaţi in produsul intern brut şi dinamica sa;
  • factori monetari, de tipul masă monetară, credit, dobandă, concretizaţi in preţ şi evoluţia sa;
  • factori sociali, respectiv educaţionali, culturali, de sănătate ş.a.;
  • factori demografici, concretizaţi in numărul şi structura populaţiei şi care determină numărul contribuabilor;
  • factori politici şi militari;
  • factori financiari, care se concretizează in dimensiunea cheltuielilor publice.
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Tipuri de pieţe

Posibilitatea de a controla preţul este influenţată de natura concurenţei existente pe piaţă. Unele organizaţii acţionează pe pieţe extrem de competitive, iar altele deţin controlul pieţei din care fac parte. Intre aceste două extreme, există o multitudine de variaţii ale tipului de concurenţă şi ale puterii de a stabili preţul. Totalitatea organizaţiilor care fabrică şi comercializează acelaşi produs formează o ramură de producţie.

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Doctrine economice

Disciplina universitară DOCTRINE ECONOMICE are ca obiect studierea reflecţiilor cu privire la activitatea economică, respectiv a formării şi evoluţiei gîndirii economice pe fondul dezvoltării economico - sociale, politico - instituţionale şi spirituale, în condiţionare reciprocă cu acestea. Ea prezintă sistematic idei, teorii, doctrine, paradigme, şcoli şi curente de gîndire economică din decursul istoriei, confruntările dintre ele, aşa cum se manifestă acestea în vremea lor, şi influenţele exercitate de ele asupra dezvoltării economico - sociale.

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Cererea şi funcţia cererii

Mulţimea corespondenţelor dintre diferitele preţuri ale unui bun şi cantităţile cerute de consumatori la preţurile respective, in condiţiile in care ceilalţi factori sunt constanţi se numeşte cerere sau funcţia cererii. Această funcţie reprezintă unul dintre cele mai importante instrumente utilizate de economişti.

Preţul produsului reprezintă, la randul lui, cel mai important factor de influenţă a cantităţii pe care consumatorii sunt dispuşi şi capabili să şi-o procure. După cum am arătat anterior, cantitatea cerută variază invers proporţional cu preţul.

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Alte forme de elasticitate a cererii

Am arătat anterior că elasticitatea cererii faţă de preţ nu este singura formă de elasticitate a cererii. Uneori economiştii şi managerii doresc să cunoască reacţia consumatorilor in situaţia cand preţul produsului rămane neschimbat, dar se modifică veniturile sau preţul bunurilor conexe.

De aceea, pe langă elasticitatea cererii faţă de preţul produsului se mai calculează elasticitatea cererii faţă de veniturile consumatorilor şi elasticitatea incrucişată sau faţă de preţul bunurilor conexe.

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Elasticitatea cererii faţă de preţul produsului

Să presupunem că proprietarul unei patiserii are in vedere creşterea preţului pateurilor cu branză, de la 4.000 lei la 5.000 lei pe bucată. Cum vor reacţiona cumpărătorii? După cum ştiţi deja, ca urmare a legii cererii, cantitatea cerută scade ori de cate ori creşte preţul.

Cu cat va scădea insă cantitatea cerută la această creştere de preţ de 25%: cu mai mult sau mai puţin de 25%? Pentru a afla, proprietarul patiseriei trebuie să ştie cat de sensibili vor fi cumpărătorii la această modificare sau, in limbaj economic, care este elasticitatea cererii faţă de preţ.

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Cererea şi Oferta agregată

Cererea agregată

Macroeconomia se preocupă de factorii determinanţi ai producţiei totale şi ai ratei de creştere, de rata inflaţiei şi de cea a şomajului. Într-o economie de piaţă modernă, deschisă spre exterior, comportamentele agenţilor economici se concretizează, în ultimă instanţă, sub forma cererii agregate (globale, totale) şi ofertei agregate.

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Fluctuaţiile activităţii economice

Ciclurile economice

Evoluţia principalelor laturi ale activităţii economice dintr-o întreprindere, ramură şi economie naţională (venitul naţional, producţia, desfacerile, investiţiile, consumul, ocuparea forţei de muncă etc.) permite constatarea că în unele perioade se înregistrează creşteri, în altele, stagnări sau chiar reduceri; periodic, activitatea economică de ansamblu sau de ramură poate cunoaşte chiar stări de criză.

Aceasta înseamnă că,în timp, activitatea economică nu are o evoluţie uniformă, liniară, ci este fluctuantă. Se pot delimita fluctuaţii: sezoniere, accidentale (întâmplătoare) şi ciclice.

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Creşterea economică

Un standard de viaţă superior nu poate fi obţinut decât printr-o producţie superioară de bunuri şi servicii. Creşterea economică constă tocmai în sporirea rezultatelor activităţii economice la nivel macroeconomice. Creşterea economică se exprimă prin ritmul de creştere a indicatorilor macroeconomici (PIB, PNB, VN). Frecvent, variaţia acestor indicatori este corelată cu evoluţia demografică.

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Politica monetara

A vorbi despre macroeconomie inseamnă a analiza realitatea economică in complexitatea ei, avand in vedere toate elementele ce o compun. Prin acţiunea generată de forţele care o conduc, această realitate economică işi modifică starea – de echilibru sau dezechilibru – de la moment la altul.

Analiza macroeconomică impune a lua in considerare mediul economic ca un intreg, cu perioadele sale de avant sau de recesiune, cu nivelul total al producţiei şi al serviciilor oferite pe piaţă, fără a putea să se facă abstracţie de nivelul preţurilor şi de ciclicitatea cu care acestea se modifică – generand de cele mai multe ori inflaţie şi, din păcate, destul de rar deflaţie, de nivelul forţei de muncă care să asigure realizarea unui anumit nivel al producţiei şi, implicit, de gradul efectiv de ocupare.

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Marketing

Buyer behaviour

In this lesson, we will introduce you to the process through which the ultimate buyer makes purchase decisions. After you work out this lesson, you should be able to:

  • Identify what stimulates a consumer to consider buying
  • Describe the buyer’s decision making process and the several factors which influence this decision
  • Understand the response of the buyer to the marketing and other stimuli
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Internal Marketing versus External Marketing

Abstract: International marketing orientation requires modern concepts of economic activities in accordance with the requirements and specific foreign markets (national, multinational, global) in order to meet their current and future needs with maximum efficiency. The need for knowledge of international marketing occurs when we have to realize, to sell and promote goods and services to consumers and users in other countries.

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Marketing Environment

In this lesson, we will introduce you to the forces that define marketing’s external environment. After you work out this lesson, you should be able to:

  • Identify, analyze and monitor external forces and assess their potential impacts on the firm’s goods and services
  • Understand how marketers formulate their strategy within the frame of reference provided by the forces in the external environment

In this lesson, we will discuss the following:

Marketing Process

Objectives of Marketing Process

In this lesson, we will introduce you to the activities that makeup the marketing process. After you work out this lesson, you should be able to:

  • Identify the parts of the marketing process
  • Understand the relationships among the parts of the marketing process
  • Explain how the marketing process creates, captures and sustains value for the customer
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Marketing Concepts

Objectives of marketing concepts

In this lesson, we will introduce you to the conceptual ideas that makeup the marketing function of a business. After you work out this lesson, you should be able to:

  • List out the concepts of marketing
  • Understand how these concepts are interconnected
  • Explain how marketing is changing in a connected world
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Introduction to Marketing

In this lesson, we will introduce you to the business function of marketing. After you work out this lesson, you should be able to:

  • Define marketing and the utility (value) it creates for the customer
  • Trace the origin of marketing and explain how it has evolved
  • Describe the elements of a marketing strategy
  • Understand the scope of marketing
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Definition and trends within Purchasing Management

The aim of this chapter is to provide the reader with an introduction to Purchasing Management in order to fully appreciate the book. The chapter presents the book's definition of Purchasing Management as well as briefly presenting the potential benefits with working at a strategic level with purchasing activities for a corporation.

Furthermore trends and historical developments within the area of Purchasing Management will be presented.

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Purchasing Organization

The structure of the purchasing department is especially important in external and internal networks. The organizational model must facilitate activities in different strategic levels as well as cope with changes in external environment. By adjusting formalization and centralization levels, the organization can be positioned to best support the organization.

However, no universal solution exists, as the right structure is highly company specific and dynamic over time. Therefore, this is one of the major challenges that Purchasing Management confronts within business networks.

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Purchasing management and internal collaboration

Strategic purchasing is most often associated with external relations. However, purchasing integration and internal collaboration are the enablers of every corporate strategy. The aim of this chapter is to explain the connections between purchasing and the company's competitive priorities as well as emphasize the need for interdepartmental collaboration.

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Sourcing Strategies of Purchasing Management

Sourcing Strategies of Purchasing Management

Sourcing is the activity of securing external components or services needed within the own internal organization. Companies employ different kinds of sourcing strategies and no one is declared to be the optimum solution. Outsourcing which is the foundation to choice of sourcing strategies also intends to align with a company's core competence focus.

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International Financial Reporting Standards

A reporting entity (which we will call “entity” from here onwards) is either a company or a group of companies, which are all controlled by the same decision maker, i.e. normally the same board of directors. This occurs when the board of directors of a company controls directly or indirectly a number of other companies, by holding directly or indirectly the absolute or relative majority of the voting rights of other companies.

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Analysis and interpretation of the annual report

Statement of changes in equity: its contents and informational aims

The statement of changes in equity shows a detail of the changes of the equity from the beginning to the end of the year. The main reason for the equity to change is, as explained in section 4.3 above, due to the retained profit contribution to the distributable reserves. However, many other events can affect the equity.

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Introduction to Accounting

Accounting Information

You likely have a general concept of what accountants do. They capture information about the transactions and events of a business, and summarize that activity in reports that are used by persons interested in the entity. But, you likely do not realize the complexity of accomplishing this task. It involves a talented blending of technical knowledge and measurement artistry that can only be fully appreciated via extensive study of the subject.

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Information Processing

Accounts, Debits, and Credits

The previous chapter showed how transactions caused financial statement amounts to change. “Before” and “after” examples, etc. was used to develop the illustrations. Imagine if a real business tried to keep up with its affairs this way! Perhaps a giant chalk board could be set up in the accounting department.

As transactions occurred, they would be called in to the department and the chalk board would be updated. Chaos would quickly rule. Even if the business could manage to figure out what its financial statements were supposed to contain, it probably could not systematically describe the transactions that produced those results. Obviously, a system is needed.

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Income Measurement

“Measurement Triggering” Transactions and Events

Economists often refer to income as a measure of “better-offenses.” In other words, economic income represents an increase in the command over goods and services. Such notions of income capture a business’s operating successes, as well as good fortune from holding assets that may increase in value.

The Meaning of “Accounting” Income

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We begin our study of microeconomics by looking at a market with many buyers and sellers, i.e. a market where there is a large amount of competition. We will study such a market in more depth in Perfect Competition, as well as other market types, but starting here makes it easy to get a feel for how the subject works.

Demand

The Demand Curve

The demand curve shows what quantities of a good buyers are willing to buy at different prices. Note the expression “are willing.” It is not about how much they actually buy, but about how much they would want to buy if a certain price was offered. A demand curve is only valid if all other relevant factors are held constant (ceteris paribus: with other things the same). The most important other factors that can affect demand are:

The buyers’ income.

 

Prices and price changes on other goods. We will make a distinction between complementary goods and substitute goods. An example of complementary goods is right and left shoes. If the price of right shoes rises then the demand for right shoes will typically decrease. However, the demand for left shoes will also typically decrease. Consequently, the demand for left shoes partly depends on the price of another good: right shoes.

Substitute goods work in the opposite way. An example could be blue and green pens: If one cannot use blue, one can often use green instead. If the price of green pens rises, the demand for green pens typically decreases. However, if the price of blue pens is unchanged one can use these instead of the green ones, and then the demand for blue pens increases. Consequently, the demand for blue pens depends on the price of another good: green pens.

Note that for substitute goods, a rise in the price of the other good leads to an increase in the demand for the good we are analyzing, whereas for complementary goods it is the other way around; a rise in the price of the other good leads to a decrease in the demand for the good analyzed.

Preferences. What consumers demand is largely a matter of taste. If there is a change in taste, there is usually also a change in demand. Taste can change for many different, underlying, reasons. For example, changes in moral perception or in fashion.

If these factors are held constant, then the demand curve is valid and it usually slopes downwards. In other words, the lower the price is the higher is the demand, and vice versa. Demand is defined for a certain period. One can for example think of it as defined over a month, corresponding to a monthly salary. When drawing a demand curve in a diagram, the quantity demanded is on the X-axis and the price is on the Y-axis. This is slightly odd, since we often think of the quantity demanded as a function of the price, not the other way around. There are historical reasons for drawing it this way.

When do We Move along the Demand Curve, and When Does It Shift?

The relation between price and quantity that is described by the demand curve is valid only if it is the price of the good itself that changes. Look at Figure 2.1 and the demand curve D1. If, in the beginning, the price is p1, then the quantity demanded is Q1 (point A). If the price of the good falls to p2, then the quantity demanded changes to Q2 (point B). We, consequently, move along the demand curve when the price of the good changes.

The Demand Curve

Figure 2.1: The Demand Curve

If, instead, something else changes (e.g. income, the prices of other goods,consumer preferences, or anything that affects the demand on the good), then the demand curve shifts. Assume again that the price is p1 so that the quantity demanded is Q1 (point A). If the consumer’s income increases, she can buy more of the good than she could before. Consequently, the whole demand curve shifts from D1 to D2. If the price is still p1, the quantity demanded increases to Q3 (point C).

Supply

The Supply Curve

The producer counterpart to the demand curve is the supply curve. It shows how large quantities the producers are willing to sell at different prices, given that other factors that can affects supply are held constant. The supply curve is typically upward sloping or horizontal (but it could also be downward sloping).

The demand curve is also valid over a certain period. Later, we will distinguish between two time periods: short and long horizons. The most important factors, beside the price, that affect supply are:

  • Factor prices , i.e. wages, prices of machines and compensation to owners and lenders. In other words, changes in the cost of production.
  • Laws and regulations that apply to the production.
  • Prices of other goods the firm produces or could potentially produce. Perhaps the producer is producing blue and green pens. If the price of green pens rises, she is likely to shift over resources (workers and machines) to that production and there is less left with which to produce blue pens. Consequently, the supply of blue pens decreases, even though the price of blue pens is unchanged.

The Supply Curve

Figure 2.2: The Supply Curve

The supply curve behaves in a way that is similar to that of the demand curve. Look at Figure 2.2 and the supply curve S1. If the price isp1, then the producers are willing to sell the quantity Q1 (point A). If the price of the good falls to p2, we move along S1 to point B, where the quantity is Q2. If, instead, some other factor changes, e.g. if wages increase so that it becomes more expensive to produce the good, the whole supply curve shifts. For instance from S1 to S2. If the price is still p1, then the quantity supplied changes from Q1 to Q3 (point C).

Equilibrium

A market is in equilibrium when both of these conditions are fulfilled:

  • No agent wants to change her decision or strategy.
  • The decisions of all agents are compatible with each other, so that they can all be carried out simultaneously.

If we join the supply and demand curves in one diagram, we get an equilibrium point where the two curves intersect. At this point, the price the consumers are willing to pay is the same as the price the producers demand. In Figure 2.3, the equilibrium price (market-clearing price) is p* and the equilibrium quantity is Q*.

Equilibrium

Figure 2.3: Equilibrium

The equilibrium point has two important properties in that it is most often (but not always) stable and self-correcting. That it is stable means that, if the market is in equilibrium there is no tendency to move away from it. That it is selfcorrecting means that, if the market is not in equilibrium then there is a tendency to move towards it.

To see more clearly what this means, suppose the price is higher than in equilibrium, e.g. that it is p2. At that price, producers are willing to supply the quantity Q1 whereas the consumers are only willing to buy the quantity Q2. Therefore, there is an excess supply of the good. To get rid of the extra units the producers are prepared to lower the price. This will push the price downwards, closer to p*. At p*, there is no excess supply and the downward push on the price ends.

Then assume, instead, that the price is lower than p*, e.g. that it is p3. At this price, the consumers demand the quantity Q3 whereas the producers are only willing to supply the quantity Q4. Consequently, there will be a shortage of the good, and the consumers will be prepared to bid up the price to get more units.

This will tend to push the price upwards, closer to p* where, again, the push will end.

How to Find the Equilibrium Point Mathematically

Supply and demand can be written as mathematical functions, and in simple examples, they are often straight lines. They could, for instance, be:

 Supply and demand can be written as mathematical functions

Here, QD is the quantity demanded, QS is the quantity supplied, and p is the price. We now want to find the price, p*, that makes QD = QS. If the left-hand sides above are equal, the right-hand sides must also be so. Therefore, substitute p* for p and set the right-hand sides equal to each other:

85+ 30p* + 185+ 20p*

To get p* alone on the left-hand side, we add 20 p* on both sides and subtract 85 from both sides. Then we have that

50p* =100.

Dividing by 50 on both sides yields the result that

p* = 2

If we then want to know the equilibrium quantity, Q*, we substitute the result we got for p* into either the supply or the demand function above. (Note that they must yield the same quantity, since p*, by definition, is the price that makes QD = QS.)

 Supply and demand can be written as mathematical functions

Consequently, we have the equilibrium price, p* = 2, and the equilibrium quantity, Q* = 145.

Price and Quantity Regulations

Many markets are, for a number of reasons, regulated. The government could for instance decide about prices that the market is not allowed to go above or below, or about maximum quantities. Such regulations will benefit certain groups of people, but often have unintended negative side effects. These are often called secondary effects.

Minimum Prices

Minimum prices (also called price floors) are often used for wages (the price of labor) and for certain types of goods such as agricultural goods. The minimum price is usually chosen above the equilibrium price, as in the opposite case it would not have any effect. (The market participants would then choose p* instead.) Consumers and producers are consequently prevented from reaching the equilibrium price p*.

Look at Figure 2.4. The effect of the minimum price is that the consumers only demand the quantity Q2 whereas the producers supply the quantity Q1. Therefore, we get an excess supply of the good.

Note that consumers and producers are allowed to buy and sell at any price above the minimum price. A price higher then pmin will however result in an even larger excess supply, so typically the minimum price is chosen.

The situation described is not an equilibrium. To see that, note that point 2 in the definition of an equilibrium (see Section 2.3) is not satisfied: Given the price pmin producers want to sell the quantity Q1, but that is not possible since the consumers only want to buy the quantity Q2.

The Effect of a Minimum Price

Figure 2.4: The Effect of a Minimum Price

Maximum Prices

Maximum prices (also called price ceilings) are in several countries used for apartment rentals. For a maximum price to have any effect, it has to be below the equilibrium price, and the effects are the opposite to those of a minimum price. In Figure 2.5, pmax is the maximum price. It causes the consumers to demand

the quantity Q1 whereas the producers only want to supply Q2, and, consequently, there is a shortage. A typical consequence of a maximum price is that the search time to find an appropriate good is increased since the supply is too small to meet the demand.

The Effect of a Maximum Price

Figure 2.5: The Effect of a Maximum Price

Quantity Regulations

The effects of quantity regulations are similar to those of price regulations. Assume for instance that there is a restriction stating that one may only import the quantity Qmax of a certain good, say Asian textiles.

The Effect of a Quantity Regulation

Figure 2.6: The Effect of a Quantity Regulation

Producers would have been willing to supply the quantity Qmax at a price of pS, whereas the consumers would have been willing to buy that quantity at a price of pD. Since the quantity is not allowed to increase, there is excess demand at all prices other than pD. When there is excess demand, consumers are likely to bid up the price, so the price that this market is likely to arrive at is pD. Note that at the price pD, producers are willing to supply a much larger quantity, Q1, but that they are prevented from doing so by the regulation. The consumers

have to pay a price that is larger than the equilibrium price (pD instead of p*) and they get fewer units of the good, so they typically are made worse off by a quantity regulation.

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