Demonstrate a knowledge base to ask more informed questions and learn more complex concepts…. 1 answer below »

Critical Inquiry Assessment for ECON 2321 Principles of Microeconomics Worth 5% of your Grade Critical Inquiry Goal: Demonstrate a knowledge base to ask more informed questions and learn more complex concepts. Search Google News for either “minimum wage,” “rent control,” or “externalities.” Read an article or two on one of those key words. Write 1-3 paragraphs then include the answers to one set of questions below (choose either Minimum Wage or Rent Control or externalities questions). You will need to use your textbook and/or your lecture notes to evaluate the statements in the article.

Externalities: 1)what examples of externalities does the article use? Briefly explain why they are positive/negative externalities. 2) According to your textbook and/or lecture notes, what are the consequences of positive/negative externalities? 3) How can we remedy market failure caused by externalities? Is the solution mentioned in the article a public policy or a private solution? 4) What is Coase Theorem? Use an actual or hypothetical example of how negotiation between interested parties can solve the problem of externality and lead to an efficient outcome.

 
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