Microeconomics - Milestone 3 (3)

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101

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Economics

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Nov 24, 2024

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CONCEPT → Government Failure 11 RATIONALE A principal-agent problem in regulation is when the motivations of politicians and government bureaucrats may result in each group seeking to maximize their own objectives, placing the interests of society in second place. This would be a type of government failure, because it is an unsuccessful attempt to correct a market failure using government policies. Report an issue with this question Assume that e-readers and paperback books are substitutes. If the price of e-readers rises, what happens to demand for workers in the paperback industry and their wages? ● A principal-agent problem occurs while politicians are designing new regulations to help prevent asymmetric information in the housing market. ● A socially desirable good or service is not supplied by private firms because it is not considered profitable. UNIT 3 — MILESTONE 3 24/25
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