Explain why you tend to find more shirking, more corruption, and more inefficiency in government than you do in large firms.
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A price support leads to inefficiency because
1 output is more than the efficient, equilibrium quantity.
2 the marginal benefit of the last unit produced is larger than the marginal cost.
3 the price charged is less than the equilibrium price.
4 producer surplus is less than consumer surplus.
5 producers must pay a subsidy to the government.
And why, thanks
Real estate market inefficiency:
a. Briefly describe 5 factors that cause the stock market to be more efficient than the real estate market.
b. Can investors make money in an efficient market? Briefly explain.
c. Do educate and informed investors rather operate in an efficient or inefficient market? Briefly explain.
Explain G. Hodgsonâs point that analysis of corruption should not be limited to the government sector. What is the position on the relation between markets and government in Institutional economics?