Identify a newspaper article that illustrates a market failure in Trinidad and Tobago. Market failure: Water pollution. (i) Identify the type of market failure being discussed in the article and discuss why market failure occurs in this scenario. (ii) Suggest a relevant government policy that would yield an efficient outcome and carefully explain the process through which the implementation of the government policy will lead to the optimal outcome. (Maximum 30 words). (iii) Carefully explain how the imposition of the chosen government policy impacts consumer surplus, producer surplus, and total surplus in this scenario. (Maximum 30 words)

Q: Market-oriented environmental tools try to provide a stronger incentive for individuals and firms to…

A: Market-oriented environmental tools: Environmental rules that are based on the market give…

Q: The laws associated with command-and-control regulations   Question 38 options:   a)  specify…

A: Environmental regulation that permits policymakers to govern both the amount and the procedure by…

Q: Part II. Discuss the Characteristics of Market Failures and give a scenario to illustrate the…

A: A market failure is defined as an economic situation characterised by inefficient distribution of…

Q: Described in detail the main characteristics of public good .

A: Public goods are those goods which are freely available on the market and whose use does not affect…

Q: (choose the correct answer) In some cases, markets: Can produce public goods. Can prohibit public…

A: Public goods: Public goods are items or services that serve all people in society that are often…

Q: Question 29 True/False:  Public goods are goods that are excludable. Group of answer

A: Private goods, an item or administration created by an exclusive business and bought to build the…

Q: c) Using a supply and demand diagram, demonstrate how a positive externality leads to market…

A: Externalities are costs or gains that a producer makes but does not endure or get directly from…

Q: (a) The International Monetary Fund (IMF) has responded to the coronavirus crisis with unprecedented…

A: COVID 19 stands for corona virus disease, and it emerged in 2019, so named as per the year…

Q: A fast food chain in the United States, Simpson’s Kitchen, got its supply of chicken from a local…

A: Environmental economics refers to the study of the cost-effective allocation, use, and protection of…

Q: The type of market failure represented by the scenario is a/an Negative externality…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Answer the following questions for the given example: Using water pumps in homes (a) Does an…

A: Externalities are the harmful or beneficial side effects arise out of production or consumption of…

Q: In ethical terms, externalities must be recognized as costs of production for the following (s):…

A: A side effect of an industrial operation,  is known as a production externality. Externalities in…

Q: Which type of country would be most likely to invest heavily in environmental protection? Group of…

A: The Gross Domestic Product (GDP) per capita refers to a measure of the total amount of money earned…

Q: (7) The Efficient output is found where the

A: Negative externality reduces the efficient quantity.  Positive externality increases the efficient…

Q: (a) What is the “infant industry” argument? (b) What must be possible for firms in the infant…

A: (a) Infant industries are new industries that are in the initial stage of development and are not…

Q: Which among the following is a characteristic of a public good? Select one: a. Free rider problem b.…

A: Which among the following is a characteristic of a public good?

Q: public goods tend to be Group of answer choices overproduced (compared to demand) underproduced…

A: A non-excludable and non-rivalrous good is defined as a public good. Users cannot be denied access…

Q: public good is defined as a good or service

A: Public goods are those which are non rivalrous and non excludable means they are available to all…

Q: When negative externalities are present in a market Group of answer choices private costs will be…

A: The presence of negative externality generates spillover costs to third party who is not directly…

Q: When pareto optimal conditions breakdown, market failure results. Identify and discuss four (4)…

A: Market failures happen when a free market allocates goods and services in an inefficient way, which…

Q: 1) How can a government respond to externalities?   A) With command and control policies   B)…

A: Since you have asked multiple questions, we are answering the first question for you. To get the…

Q: A) Using demand and supply diagram, describe and discuss positive externality in production of a…

A: Positive externality of production refers to a case where the third party enjoys the spillover…

Q: Identify a market failure(air pollution or water pollution) in Trinidad and Tobago, identify the…

A: The objective of this question is to identify a market failure in Trinidad and Tobago, classify the…

Q: Many people struggle with the idea that economics has any place in a discussion of relevant…

A: Introduction: Natural resource management is that the administration of natural resources like land,…

Q: Public-private partnership ("PPPs") can be an effective way to build and implement new…

A: Public private partnership (PPP): Public private partnership is work through the mutual contribution…

Q: Differentiate between a public good and common resources. Explain your answer with the clear and…

A: To answer the question , we need to know what is a public good and what is a common resource . The…

Q: From economic perspective, when is government intervention in the market justified? a) when there is…

A: Externalities refer to the costs or benefits that result from the production or consumption of goods…

Q: A public good   Question 1 options:   is both rival and excludable.   is any good provided by…

A: Whether a good is a public good or not, depends on rivalry and excludability.

Q: When private costs differ from social costs, leading to a Tragedy of the Commons, which of the…

A: When private costs differ from social costs, leading to a Tragedy of the Commons then there must be…

Q: Explain the concept of market failure and the need for government regulations. Describe the process…

A: Market failure is a situation in which the allocation of goods and services by a free market is not…

Q: hat is an example of direct public provision of goods and services? (  ) a charity hospital funded…

A: Direct provision of goods and services is a measure being used for correcting the market failures…

Q: SCENARIO: Greater consumption of alcohol leads to more motor vehicle accidents and, thus, imposes…

A: Answers are as below,   1. )    negative externality   2 )    goods are over consumed   3)…

Q: E-government is particularly significant for the economy from a commercial perspective since it…

A: E-government can refer to anything from "online government services" to "the electronic exchange of…

Q: In a far away country called Monopolyland, there is only one producer of board games. The market…

A: Deadweight loss is the loss that is created by the monopolist by charging higher prices and lower…

Q: Which of the following would be identified as a social force in an environmental scan?   Multiple…

A: A social force in an environmental scan refers to aspects of societal attitudes, values, beliefs,…

Q: Considering the elements in the external environment, it is correct to say that ______.   Question…

A: An external environment is a set of factors or circumstances that exist outside of the organisation…