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Discuss the arguments for government intervention in the markets.
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- Although there are many reasons why a market can be noncompetitive, the principal economic difference between a competitive and a noncompetitive market is A. the annual sales made by the largest firms in the market. OB. the presence of government intervention. C. the number of firms in the market. D. the extent to which any firm can influence the price of the product. E the size of the firms in the market.A subsidy is a direct tax on imported goods Question 48 options: True FalseIn a market failure prices signal the true value and cost of goods and services to society, therefore the government can play a pivotal role in improving market outcomes. True False
- Black markets often emerge when products/services are banned or subject to price controls. They are illegal and operating outside the approval of the government. Is this development good or bad?In which case is there no evidence of market failure? a. Intense competition in a fruit market b. A steel plant pollutes a nearby river c. Buyers of goods are uncertain about their quality d. A monopoly maximises its profitsAnalyze the role of the government when determining prices in markets
- I am confused between 20,000 and 25,000Black markets are found in the regulated economies. They arise due to lack of freedom in the economy. Hence black markets are____. a. Markets which are functioning without government's permission b. Markets that are called underground markets c. Markets that sell goods and services which are not legal d. All of the optionsIn a perfectly competitive market, the market demand curve isQd=10-pd, and the market supply curve is Qs=1.5Ps . Consider two possible government interventions: (1) A price ceiling of $1 per unit; (2) a subsidy of $5 per unit paid to producers. What are the prices in each of these interventions. What are the quantities supplied and demanded under each government intervention?
- Distinguish carefully between a minimum wage and a wage subsidy as alternative policies to assist low-wage workers. Explain your answer.(needs to be at least 100 words )Question 14 True or False: Economists generally support rent controls because they believe that rent controls will help the poorest citizens find adequate affordable housing. Group of answer choices True FalseWhich of the following do economists not generally regard as a legitimate reason for the government to intervene in a market? a. To promote efficiency b. To protect an industry from foreign competition c. To enforce property rights d. To promote equality
