You should research evidence of market failure and government intervention in the assigned country. a) Market failure e.g. externalities, information gap, or merit and demerit goods b) Government intervention research a method the government has used to intervene in the market e.g. Maximum or minimum pricing, subsidies, indirect taxation, provision of public or merit goods. In the event you are unable to find evidence, the student should suggest how the government MAY deal with market failure in the given country c) The advantages and disadvantages of the government intervention

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The theory of absolute advantage was given by Adam Smith in the year 1776.