Markets and the Economics of the Public Sector
You have been assigned to a team that has the responsibility of preparing a paper consisting of 250 – 300 words for the governor’s next economic conference. Your paper should address the following:
- 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
Solution PreviewSupply and demand equilibrium is where the market demands of the goods produced is exactly the same as the amount of the goods supplied. This is a desirable state in the market because the producers are making maximum profits of their goods for they supply exactly what……………………………..
Apa
385 Words