Demonstrate an understanding of the impact on the entire economy, based on any changes in taxes required, if the government is to purchase any extra product that is not sold to consumers.
In a perfectly competitive market, the equilibrium price and quantity represent the most efficient operation of that market. Optimum efficiency means that: 1) sellers cannot be made better off without, at the same time, making buyers worse off, and 2) that buyers cannot be made better off, without making the sellers worse off. This assignment […]