Explain the difference between government and market failure

Reference no: EM131235177

Gov & Econ

A minimum of 200 words per question, intext citations along with reference at the bottom of each answer

1. Explain the difference between government failure and market failure. Discuss the role of government in a market economy to address market failure.

2. Economic efficiency is how economists assess the desirability of outcomes. Discuss the two requirements for efficiency in a market economy.

Reference no: EM131235177

Questions Cloud

How much starting torque will the motor develop : A squirrel cage motor produces 1100 pound feet of torque at starting when full voltage is applied to the motor. If the voltage is reduced to 50% during starting, how much starting torque will the motor develop?

The capped containers are pasteurized-after pasteurization : ABC manufactures Jam. The process is quite simple, they add all of the ingredients to a big vat for cooking. The jam is vacuum cooked where it is then placed in a holding tank. Next, the jam is put in a smaller containers and capped. The capped conta..

What is current yield to maturity of taxable vanguard bond : What is the current yield-to-maturity of a taxable Vanguard bond fund invested in Treasury bonds? - What is the current yield-to-maturity of a taxable Vanguard bond fund invested in investment-grade bonds?

Overall objectives of a company : Discuss the procurement contract life cycle. How does this support the overall objectives of a company?

Explain the difference between government and market failure : Explain the difference between government failure and market failure. Discuss the role of government in a market economy to address market failure.

Perform breakeven analysis using the information given : Perform breakeven analysis using the information given, ABC wants to know the breakeven price for the new product: Situation: You want to sell computer software on the Internet. You want to make a small profit for your extra efforts. The selling pric..

What factors affect the aging process : Identify an additional strategy you might use to apply your knowledge of the aging process to social work practice with older clients in general. Explain why you would use the strategy.

Determine the proper overload heater size : The motor nameplate of a wye-delta starter motor has a full load current of 287 amperes. What current rating should be used to determine the proper overload heater size?

Create a decision tree and calculate the expected value : You need to make a decision on adding new products to ABC. Situation: You are considering marketing a new product. Product A or Product B. The market research shows that the products have the probability of .3 for rejection, .4 for acceptance and .3 ..

User Account

All Pages