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Lecture

fairness of competitive market.docx

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Department
Economics
Course
ECON 101
Professor
Wokia Kumase
Semester
Fall

Description
Oct 4 Is the competitive market fair? Unfair:1. The result is not fair. 2. The rules are not fair. Increase total utility: charge the dollars from the rich and give them to the poor. The marginal benefit is based O on the utility function. Fairness does not mean that same income and same outcome, but the same opportunity. The government need to find a way to achieve greater efficiency and a certain degree of fairness. But now, it seems that a huge amount of people are living in poverty and a lot of people are living with extra affluence. We need to make people both have basic necessities. CHAPTER 6 Government Actions in Markets A
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