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- Example of market gaps in the communityGovernment intervention is one possible solution for market failure. What is one possible reason why a government controlled used car market may not provide an efficient outcome?Free markets___ 0. always fail to produce the optimal quantity and/or price0. can fail to provide the optimal quantity and/or price.0. never fail to produce the optimal quantity and/or price.0. always lead to the socially optimal outcome.
- Evaluate the arguments for government intervention in the markets.Present a private market or government function that could be operated more efficiently with the introduction of competition and explain how this could be accomplished.The government can force you to sell your personal residence to them for fair market value (reasonable compensation) if the government is going to use your property for a public purpose. True or False?