Problem
Assume the demand and marginal cost conditions given in the second self-test exercise. In addition, assume that the government imposes a price control at P = $80/3. (a) Find the consumer and producer surplus associated with the resulting allocation. (b) Compare this price control allocation to the monopoly allocation in part (c) of that self-test exercise .
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.