In the figure above, the difference in wage rate between low-skilled and high-skilled labor is

Refer to the figure above. The loss in consumer surplus due to the imposition of the tax is given by the areas ________

A) JBIE and BIA B) EAG AND GHF C) CAE AND EAHF D) JBHF AND ABH

Regulatory capture often occurs because of which of the following?

A. Government officials want stronger control over industry regulation. B. Nearly everyone with expertise works in the regulated industry. C. Patent law allows firms to gain monopoly power easily and therefore control a market. D. Consumer groups are effective at lobbying the government for industry regulation.