Competitive markets with no external costs or benefits and no government price ceilings, floors, taxes or subsidies ________ efficient. According to the "It's not fair if the rules aren't fair" idea of fairness, competitive markets ________ fair

Does government failure necessarily condone an extreme libertarian point of view where the government does not intervene in markets at all?

What will be an ideal response?

A flat tax: a. is designed so that everybody would pay the same number of dollars in taxes

b. is designed in such a way that as a person's income rises, the tax rate falls. c. is designed so that everybody would be charged the same percentage of their income. d. is designed to take a smaller percentage of higher incomes as compared to lower incomes.