Which of the following is least likely to be associated with market failure, and is consequently least likely to requireany form of state regulation or intervention?OA Hake fishing off the west coast of South AfricaOB. The provision of education services in government schoolsOC The provision of education services in private schoolsD. The market for fast foodsFiPrevieus pageE s heretos

Market failure refers to a situation when the distribution of goods and services is inefficient.…

Answered: Which of the following is least likely…

Principles of Economics, 7th Edition (MindTap Course List)

7th Edition

ISBN:9781285165875

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter11: Public Goods And Common Resources

Section: Chapter Questions

Problem 6QCMC

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Based on what we learned about agribusiness systems in Chapter 6, what should we expect as a result of massive government subsidies to cotton farmers? Chapter 6: http://www.geog100.org/p/6-agriculture.html
Most countries today have subsidised the provision of education. Consider an imaginary country, Gondolin. Gondolin pays a subsidy of $10 000 per year to each student enrolled in tertiary education.(a) Depict, with the help of a figure, the initial market for tertiary education inGondolin, assume that: 1) education was left to the competitive free market; 2)the marginal private benefit is equal to the marginal social benefit; 3) themarginal private cost is equal to the marginal social cost. Now describe, usingthe help of the figure, the effect of the government subsidy on the price andquantity traded of tertiary education, where the X axis of the figure should bethe quantity of students enrolled in tertiary education. You do not need to useactual numbers – focus on the direction of change in price and quantity tradedcaused by the subsidy.(b) Identify the area of the figure you drew in (a) that depicts the total size of thesubsidy paid by the government to the students enrolled in…
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Most of the world’s governments have struggledto handle the issue of allowing consumption of forbiddengoods, such as alcohol, cigarette, tobacco etc. to its population. Various methods of control have been exercised world over, such as, complete ban on these goods, a restricted consumption regime with quota on consumption or quota on selling, price floorskeeping the price of these goods high up in order to reduce demand and imposing high taxes to generate same effect. None of thee seem to have worked to control the availability and consumption of such goods by the society. These are called social bads, asthey not only are harmful for the personconsuming them, there are external effects on others, such as family and friends and the larger society.In Rampur, Alcoholare forbidden, so people trade Alcohol bottlesin a black market. The Alcoholdemand is QD = 12 − P , and the supply is Qs = 2P(a)Find the equilibrium price and quantity in the black market. (b) The government becomes aware of…
The residents of a complex in a Johannesburg suburb are being disturbed by the noise and activity from a night club that is located in the neighbourhood. Explain, using a diagram, the type of market failure that is being experienced in this suburb. Suggest what type of government intervention might be required to solve the problem.
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Most countries today have subsidised the provision of education. Consider an imaginary country, Gondolin. Gondolin pays a subsidy of $10 000 per year to each student enrolled in tertiary education. Depict, with the help of a figure, the initial market for tertiary education in Gondolin, assume that: 1) education was left to the competitive free market; 2)the marginal private benefit is equal to the marginal social benefit; 3) themarginal private cost is equal to the marginal social cost. Now describe, using the help of the figure, the effect of the government subsidy on the price and quantity traded of tertiary education, where the X axis of the figure should be the quantity of students enrolled in tertiary education. You do not need to use actual numbers – focus on the direction of change in price and quantity traded caused by the subsidy.
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