Explain what the costs of the regulation are in the scenario in exercise 220.

Explain what the costs of the regulation are in the scenario in exercise 220. What does a loss of consumer surplus mean? In the case of exercises 220-221, exactly how do the losses of consumer surplus occur? Go to http://www.heritage.org and find the Economic Freedom map. Use the map to determine the most economically free continent and the least economically free continent. Then do a search to find out the real GDP per capita of people in representative countries of those continents.

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