Describe and explain a case in which the market does not allocate an efficient amount of resources.

The table given below reports the value of sales at each stage of production of an economics book.Table 5.1 The Production of an Economics Book Production Stage Sales Value Purchase of Timber $1.25 Processing of Timber into Paper $7.75 Printing $24.50 Retail Sales of Economics Book $38.00   Refer to Table 5.1. Compute the market price of an economics book. Group of answer choices $38 $7.75 $13.50 $71.50 $24.50

Question 6 Discuss TWO major virtues of a market system.

In a market-based economy, how may governmental policies or regulation impact the inputs market? They can affect workers' willingness to work or firms' willingness to hire. They can affect consumers' willingness to buy They can affect consumers' willingness to buy or firms willingness to produce. They can affect firms' willingness to produce. They can affect workers' willingness to work. They can affect firms' willingness to hire.