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Costs of Production
The Market System and Change
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achieve activity allocation amount areas argued Britain butter capital cent chapter charge commodity concerned consider consumers consumption costs and benefits crime control demand curve discussion distribution earnings economic economists education voucher effect efficient level employment energy equal equity example existing expected external benefits external costs extra firms Gini coefficient government policies greater hence higher housing imperfect information incentive income tax increase individual inequality investment involved journey labour less level of output Lorenz curve marginal private cost marginal social benefit marginal social cost market failure market system ment monopoly motorist msc curve National Health Service negative income tax North Sea oil OPEC operate particular patrols pollution control private market problem production quantity receive redistribution reduce regional regulation rent rent control result road road pricing schools socially efficient society subsidy tion traffic treatment users wage week
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