Identify a type of market failure. Provide an example of that type of market failure and briefly explain one way that the government could help reduce the negative effect of that market failure.

Discuss how the equilibrium price and quantity change when a change in demand occurs and the supply stays constant, and when a change in supply occurs and the demand stays constant. How do price controls affect the market? Provide a real-world example that takes consumer surplus and producer surplus into consideration.

two economists went to the same university disagree on policies such as minimum wages or higher taxes. why do you think this is the case?

Market demand is MWTP= 50 - 2Q. Market supply is MC = 10 + 2Q. Each unit transacted results in a $4 external benefit. What is the deadweight loss from the perfectly competitive market without taxes or subsidies?

Use the following information to answer questions 8 through 10: The graph below shows the supply and demand curves for pizza rolls. 13+ Demand 12 Suply 10- 8- 7- 4 4 5 6 Quantity of pizza rolls 8 9 10 11 12 13 8. What is the size of consumer surplus? 9. What is the size of producer surplus? 10. What is the size of social (total) surplus? Price of pizza rolls

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 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) the marginal 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.(b) Identify the area of the figure you drew in (a) that depicts the total size of the subsidy paid by the government to the students enrolled…

A country is considering a ban on child labor. a. Under what condition would a ban on child labor be effective? You don't need to draw a diagram, just briefly explain the logic of how under this condition, banning child labor could actually cause child labor to decline. b. Now suppose that the condition you identified in part a does not hold. Identify one reason why the ban on child labor could actually cause child labor to either increase or become more harmful.

Which of the following is NOT one of the consequences of a binding Price Ceiling? Select one: a. an illegal black market b. a shortage c. a surplus d. a decrease in the price of the good below its equilibrium price

Critique the following statement as True or False and explain your reasoning in 2-3 sentences. "Market failures are observed when government intervention prevents market forces from guiding marketstoward an equilibrium."

In competitive markets, we know that: P= MWTP P= MC MC= AC P= Min AC Which result(s) implies that the outcome is socially optimal?