Why equilibrium of supply and demand is desirable

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Explain why equilibrium of supply and demand is desirable.

Explain the following concepts using the concept of consumer and producer surplus:

Efficiency of markets

Costs of taxation

Benefits of international trade

Discuss how externalities may prevent market equilibrium and the various governments policies used to remedy the inefficiencies in markets caused by externalities.

Analyze the difference between the efficiency of a tax system and the equity of a tax system as it refers to the costs imposed on taxpayers using the benefits principles.

Reference no: EM132772795

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Why equilibrium of supply and demand is desirable : Explain why equilibrium of supply and demand is desirable. Explain the following concepts using the concept of consumer and producer surplus
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