What policy (or policies) might guide the labor market to a socially efficient level of employment (L*)? We have learned that a socially efficient use of resources involves undertaking an activity to the point where the marginal social cost (MSC) equals the marginal social benefit (MSB) of the activity. Based on the concept of social economic efficiency, explain how you would respond to the following two statements: 1) “People and businesses should be allowed to work/operate or not work/operate as they please" and 2) “People and businesses should be banned from working/operating until a vaccine is available that prevents the spread of the disease."

What policy (or policies) might guide the labor market to a socially efficient level of employment (L*)? We have learned that a socially efficient use of resources involves undertaking an activity to the point where the marginal social cost (MSC) equals the marginal social benefit (MSB) of the activity. Based on the concept of social economic efficiency, explain how you would respond to the following two statements: 1) “People and businesses should be allowed to work/operate or not work/operate as they please" and 2) “People and businesses should be banned from working/operating until a vaccine is available that prevents the spread of the disease."

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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