Does government intervention guarantee provision of the socially optimum quantity of a public good? Explain
No. It does not, because government failure can occur. Government decision- makers (including voters)
may make choices that are self-serving or that serve only narrow special interest groups.
Economics
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Suppose Pippi buys an oven for her pizza parlor for $100,000. Pippi's pizza tasted so pitiful she went out of business 12 months later. She was able to sell the pizza oven for $75,000. This decrease in the value of the oven is
A) the total implicit rental rate on the oven. B) an economic loss. C) economic depreciation. D) interest forgone.
Economics
What does the Law of Supply state? What is the key feature of a typical supply curve?
What will be an ideal response?
Economics