What are the necessary conditions for economics efficiency

Reference no: EM13242220

1) What are the necessary conditions for economics efficiency? In what four situations might a market fail to achieve ideal economic efficiency?

2) What is market failure? If market failure is present, does this imply that government intervention will lead to a more efficient allocation of resources? Why or why not?

3)"If there are problems with markets, government will generally be able to intervene and correct the situation" Is this statement true? Explain your response.

4) "Because government-operated firms do not have to make a profit, they can usually produce at a lower cost and charge a lower price than privately owned enterprises." Evaluate this view.

Reference no: EM13242220

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