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The banana industry was a market failure in St. Vincent and the Grenadines. (i) What type of market failure is it? (ii) Which government policy  would yield the efficient outcome andchow does the process through which the implementation of the governmentpolicy lead to the optimal outcome.   (iii) How does the imposition of the chosen government policy impactconsumer surplus, producer surplus and total surplus in this scenario?

The banana industry was a market failure in St. Vincent and the Grenadines. (i) What type of market failure is it? (ii) Which government policy  would yield the efficient outcome andchow does the process through which the implementation of the governmentpolicy lead to the optimal outcome.   (iii) How does the imposition of the chosen government policy impactconsumer surplus, producer surplus and total surplus in this scenario?

Microeconomics: Private and Public Choice (MindTap Course List)
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter2: Some Tools Of The Economist
Section: Chapter Questions
Problem 9CQ
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The banana industry was a market failure in St. Vincent and the Grenadines. 

(i) What type of market failure is it?

(ii) Which government policy  would yield the efficient outcome and
chow does the process through which the implementation of the government
policy lead to the optimal outcome. 

 
(iii) How does the imposition of the chosen government policy impact
consumer surplus, producer surplus and total surplus in this scenario?

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