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Question 1

Defintion of Market Effieicnecy

Answer 1

Market effiency is achieved y allocating resources so that society maximises net eneifts

Question 2

Positive Externalites and negative externalities

Answer 2

Positive externalities is neighbor having beautiful garden and negative externalities is sleep getting disrupted due to neighbours party

Question 3

What role does gov do when there is market failure

Answer 3

Regulation and correcting externality by adding subsidy or tax

Question 4

Interlizing positive education such as education

Answer 4

Education provides benefits not only to the individual receiving it but also to society as a whole in terms of increased productivity, lower crime rates, and a more informed citizenry.