# Classify the source of market failure in each case.

October 30, 2020
###### What is the cash flow at the end of the year?
October 30, 2020
Classify the source of market failure in each case listed.

Market Failure Market Power Externality
A manufacturing plant dumps chemical waste into a nearby river, poisoning the water supply for a small town downstream.
A single public utilities company is responsible for supplying electricity for an entire state. As a result, the utilities company can set the price of electricity.
N

Suppose that the U.S. government decides to charge wine consumers a tax. Before the tax, 15 million bottles of wine were sold every month at a price of \$7 per bottle. After the tax, 9 million bottles of wine are sold every month; consumers pay \$10 per bottle (including the tax), and producers receive \$4 per bottle. The amount of the tax on a bottle of wine is \$_______ per bottle. Of this amount, the burden that falls on consumers is \$________per bottle, and the burden that falls on producers is \$_______per bottle.

Consider the data in the table

Rank the years from hightest to lowest in terms of real GDP

Year     Nominal GDP         GDP deflator        Real  GDP

2009        \$1020                        57

2010        \$1250                        62

2011        \$1450                        91

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