Discuss the market failure which justifies government involvement in the economy

Q: In large W/S systems, leaders provide more public goods because a.) This is the most efficient way…

A: When the selectorate is vast and the winning coalition is small, as it is in an autocracy, a leader…

Q: For a mixed good with an external benefit, a free market would produce than than the marginal the…

A: 3) A mixed good with external benefit would be considered as a good having positive externality.

Q: True/False Provision of public goods is the same as public production

A: # Public goods are the goods which are produced for the society as a whole. They can be used by…

Q: If the primary objective of government programs in each of these areas is the alleviation of some…

A: Governments around the world put efforts to make an economy work efficiently, for that they…

Q: There are never unintended consequences of government intervention to address market failures. true…

A: In the mentioned question we have been asked whether thee are consequences of government…

Q: Explain the function of government below. Alteration of the structure of private production

A: Alteration of the structure of private production. It is very important for government to understand…

Q: What is a public good

A: Public goods are referred to those goods which are available for the general people of the country…

Q: The government addresses market failures when it enforces property rights. True or False

A: Externalities refer to the cost or benefit of an economic transaction on a third party who is not…

Q: How does providing education to students provide external benefits to everyone in the community.

A: Externalities are the harmful or beneficial side effects arise out of production or consumption of…

Q: Name two public goods and explain why they are public goods

A: By definition public goods(G) are those which are non-excludable and non-rivalry. They are consumed…

Q: Social efficiency consists of which of the following: the sum of consumer and producer surplus the…

A: The sum of consumer surplus and producer surplus is total surplus.  i.e., Total surplus = Consumer…

Q: Explain how the over-allocation or over production of goods and services can lead to market failure…

A: (Overconsumption): Judicious consumer utilities sweet beverages up to where the private marginal…

Q: The result(s) of having government defien and  protect property rights is (are) a. an increase in…

A: Protection of Property rights is in line with the idea of Laissez Faire where the government…

Q: Economics The free-rider problem associated with a good refers to the _____ cost of exclusion. In…

A: Free rider problem refers to the economic problem where it is difficult to exclude an individual…

Q: please quickly  !! 22. Tax rates and inflation rates are examples of a (an) _________________…

A: Economic Variable:- Economic variables, such as GDP, Inflation, and Interest Rates, are metrics that…

Q: Is environmental pollution a failure of the free market system?

A: Yes, environmental pollution is an outcome of free market system failure.

Q: Genetically modified crops (like soya and corn) have been developed in the US and are being exported…

A: Genetically modified (GM) food varieties are food varieties got from creatures whose hereditary…

Q: Alex, Kara, and Susie are the only three people in a community. Alex is willing to pay $20 for the…

A: Public good is that good which is non- rivalrous and non-excludable  in nature.It is provided by the…

Q: Factors leading to government failure Answer Bank The United States uses a graduated tax system.…

A: The answers are -  Politicians often want to keep constituents happy more than they want to correct…

Q: Give an example of a public good and how the free rider problem emanates from it

A: If consumption of a commodity by one individual does not reduce the amount available for others, the…

Q: Define public good?

A: In the field of economics, the goods are divided into categories on the basis of whether they are…

Q: To encourage the creation of ideas, governments use a. patents. b. subsidies. c. internet taxes. d.…

A: Note:  We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: How will the imposition of the government implementing measures to combat climate change impact…

A: In a market, governement intervention refers to the situation when government tries to adjust market…

Q: Give three examples of activities accompanied by external costs and benefits.

A: The external costs and benefits are the various cost and benefits that are recieved to the third…

Q: Which of the following would be identified as a social force in an environmental scan?   Multiple…

A: Customers' changing attitudes and preferences are a social forces in an environmental scan; customs…

Q: Government intervention is one possible solution for market failure. What is one possible reason why…

A: Market failure and the role of government intervention: Market failure refers to the market outcomes…

Q: (b) An art museum is a good example of a public good that is best provided through government…

A: A product or service that is made available to all members of a community is referred to as a public…

Q: Present a private market or government function that could be operated more efficiently with the…

A: Efficiency in the market condition where all the resources utilized at the optimal level also…

Q: Government intervention is required in the case of a public good because everyone can use the good…

A: A public good is a product or service that is available to all members of a society, according to…

Q: Which of the below is the best illustration of a public good? A clean water in a river

A: Public goods are those which are not for a single person but for each and every individual.…

Q: policies government can have in place  to increase perfect competition in the market

A: Perfect competition is a market system in which all producers and consumers have complete and…

Q: Loggers are much likely to supply wood to the market if property rights are enforced. In the…

A: Economic efficiency is the point at which generally merchandise and figures of creation an economy…

Q: What are market failures? Discuss examples of market failures. What can government do to improve the…

A: According to the concept of economic efficiency, a distribution of inputs among commodities and of…

Q: Suppose Fischer Pond is a common-property resource—anyone can fish without having to pay for access.…

A: Common property resource are the natural resources which are owned and managed by the community or…

Q: The government must provide public goods such as national defense because   a. the production of…

A: Public goods:- Public goods refers to the products or services that help all people in society and…

Q: Free markets___ 0. always fail to produce the optimal quantity and/or price 0. can fail to provide…

A: Equilibrium is achieved at the output level where Qs equals Qd

Q: Which of the following might help to solve a free-rider problem? Select all that apply: using the…

A: Free riders refer to a group of people who enjoy public goods or common resources without paying…

Q: TRUE or FALSE and EXPLAIN For national defense, public parks, public schools, and public libraries,…

A: Non-excludable: - it is a condition where a person cannot stop another person from using a good or…