Under what conditions might government intervention in an economy improve a market outcome?

Q: The classical school of economics believe that consumers and producers are rational Is it True or…

A: In certain the value of the Classical theory is generally the self regulations of the economy and it…

Q: Consider the issue of government intervention in a market economy. Please provide brief discussions…

A: Government intervention in an economy is a talk about the presence of public power which has this…

Q: Why might government intervention make things worse than what generally happens in an unfettered…

A: Government intervention is any action taken by the government that affects the market with the…

Q: In the face of such an shortage, where private sector buyers and suppliers could not do anything…

A: Government: It refers to the people who performs all the functions for the society. The government…

Q: What are the types of market failures in an economy? and gave two examples of each.

A: Market failure occurs when the price system in the economy fails to factor in all the economic…

Q: Is there a need for the government to talk about Economics in layman's term? Justify and explain.

A: Government. in general, is known as the authority that is meant to make major decisions regarding…

Q: Explain what is meant by market failure and   outline the sources of market failure.

A: Market failures can be corrected by allowing competitive producers in the market and consumers as…

Q: A Well tested or widely accepted economic theory is often called an economic principle

A: Economics is the social science that examines how people, organisations, and society make decisions…

Q: If people can't afford the equilibrium price for a good, would it be a good idea for the government…

A: Before deciding whether government intervention is fair or not we first need to think about what…

Q: Explain the operation of the “invisible hand” and why market economies usually do a better job than…

A: The concept of invisible hand was put forward by adam Smith.

Q: why market economies usually do a better job than command economies at efficiently transforming…

A: Answer: Introduction: Market economy: it refers to the economy where there is no government…

Q: Name a type of market failure and explain why this market failure results in economic…

A: Market failure, in economic aspects, is what is happening characterized by a wasteful conveyance of…

Q: true or false free market economies are generally considered to be efficient and fair

A: # Free market economies are totally driven by the market forces of demand and supply.

Q: Describe how government intervention affects the supply and demand equilibrium

A: Demand and supply in perfectly competitive market In perfect market competition, the market tis free…

Q: why the lack of well-defined and enforceable property rights is detrimental to the smooth…

A: Property rights is legal ownership and theory of resources telling how the resources can be used.…

Q: The private market for education can be considered a market failure because it leads to a price of…

A: Externality refers to the effect of consumption or production of a good on the third party. There…

Q: Markets fail, so there could not be a total reliance on the market forces. The government has to…

A: Economic system means the system in which resources are owned by the society or government and…

Q: Walras law as used in economics.

A: Economics- It is related to the production, distribution, and consumption of goods and services.

Q: One of the most important sources of mortality risk worldwide is traffic accidents. How can the…

A: The possibility or probability of death or mortality is referred to as mortality risk. It is a…

Q: Which of the following statements are false?   Group of answer choices   People respond to…

A: Perfect Competition refers to the type of market competition where there is free entry and exit of…

Q: Demonstrate a willingness to critically assess the impact of economic policies on economic…

A: These are the various economic policies adopted by the government in order to economic efficiency in…

Q: The government uses several tools to implement environmental regulation. For example, mandatory…

A: Negative Externalities: These occur when the production or consumption of a good or service imposes…

Q: In the words of Columbia economist Jeffrey Sachs, “Markets won.” But will markets stay the winner?

A: The markets are an institution which involves buyers and sellers to interact in the marketplace as a…

Q: Based upon those notions of self-interest and public interest and the bringing of both into harmony,…

A: The market economy is one in which the forces of supply and demand determine market price and…

Q: Evaluate the arguments for government intervention in the markets.

A: Government interventions refer to the interference of the government in the market. This is…

Q: Can the market / price mechanism find some solutions?

A: The price mechanism is a means by which the allocation of scarce resources is determined by the…

Q: What kinds of inequalities we are facing in "free market" according to Milton Friedman?

A: Free market also known as capitalism where economic decision is taken by the market forces with…

Q: why many argue the use of “market” prices will NOT necessarily enable the economy to operate at its…

A: Production frontier: PPF is a bend that delineates or shows the varieties in the sums that can be…

Q: two economists went to the same university disagree on policies such as minimum wages or higher…

A: Economics, like many fields, is subject to interpretation and personal bias. Two economists can look…

Q: The 'invisible hand' of Adam Smith acts in a free market system with active competition, aligning…

A: Invisible hand is the approach introduced by Adam smith, gives the LET DO/LET GO approach to the…

Q: n

A: Market intervention is basically intervening into the market in order to protect the producers of…

Q: As a student, what do you think is the medium of instruction that should be used in school? Explain…

A: The medium of instruction is  the language that is used by the teacher to teach the students.…