The “incidence” of these policies refers to whether they place a greater burden on buyers or sellers. For 10 points each:
[10e] Name these government policies, often contrasted with subsidies, that charge buyers or sellers money in order to raise government revenue.
ANSWER: taxes
[10h] Taxes create a nonzero value of this quantity by shifting the demand curve to the left. This quantity plus tax revenue equals the decrease in total surplus caused by the tax.
ANSWER: deadweight loss [or DWL; prompt on W]
[10m] Deadweight loss is also created when one of these policies sets the market price [emphasize] above the equilibrium price. The minimum wage is a classic example of these policies.
ANSWER: price floors [prompt on floors; prompt on price controls]
<NYU A, Social Science>