Jaisul Naik

One policy the government could use to reduce differences in wages is to increase the mininum wage for low earners. This is a wage below which it is illegal to hire workers at,

Negative Externalities in Consumption The diagram shows a market failure (misallocation of resources) with fast food. Fast food is a demerit good as it has negative externalities in consumption. This means there is

Complete market failure is when there is a missing market - and this happens if we rely on a free market to provide public goods. Public goods are non-rival and non-excludable. Non-excludable means