"Water is one thing we all have in common. Water issues are a common thread through most of the pressing environmental problems this nation faces today. Pollution of surface waters, ground water, and the sea, through tainted runoff, failed sewer systems, industrial waste, agricultural runoff and poor land management have life or death implications." 1. Identify the type of market failure being discussed in the article above and discuss why market failure occurs in this scenario. 2. 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. 3. How will the imposition of the chosen government policy impact consumer? surplus, producer surplus and total surplus in this scenario?
"Water is one thing we all have in common. Water issues are a common thread through most of the pressing environmental problems this nation faces today. Pollution of surface waters, ground water, and the sea, through tainted runoff, failed sewer systems, industrial waste, agricultural runoff and poor land management have life or death implications."
1. Identify the type of market failure being discussed in the article above and discuss why
market failure occurs in this scenario.
2. 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.
3. How will the imposition of the chosen government policy impact consumer?
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