Economics:
Economics:
10th Edition
ISBN: 9781285859460
Author: BOYES, William
Publisher: Cengage Learning
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Chapter 2, Problem 16E
To determine

The fairer option between having a board of experts to decide who gets medical services and a price (market) system.

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What are the different effects of MARKET FAILURE on humans, society, and the economy? Give at least five of each factor.
Is “fairness” the economic basis for government laws and regulations designed to remedy market failures? If so, why; if not, what is the economic basis?
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