What are the key differences among public production, private subsidies, and vouchers?
What will be an ideal response?
Public production means that the government is the producer of the product. Private subsidies, however, are given to private producers of the product. Both public production and private subsidies affect the supply-side of the market. Vouchers, however, are given to households to help pay for the product. Vouchers therefore affect the demand-side of the market.
Economics
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How can tax simplification be beneficial to the economy?
What will be an ideal response?
Economics
Which of the following statements about private and social costs is TRUE?
A) Social costs include externalities. B) Private cost do not include externalities. C) Social costs are never smaller than private costs. D) All of the above.
Economics