Discuss the Basic Idea of Comparable Worth and the Controversies

question 11

Essay

Discuss the basic idea of comparable worth and the controversies associated with it.

Interpret graphical representations of markets with externalities to identify equilibrium and socially optimal outcomes.

Analyze the role of government intervention in correcting market failures due to externalities through taxes and subsidies.

Differentiate between private and social costs, and private and social values.

Identify the conditions for social optimality in the presence of externalities.