Define the concept of a free and competitive market. Please use examples to illustrate your understanding of the concept./Explain the meaning of social surplus.
Discuss how changes in social surplus measure changes in the sums of compensating variations and rents. Please provide at least one example to illustrate your
understanding.
1. Define the concept of a free and competitive market. Please use examples to illustrate your understanding of the concept.
Your response should be at least 300 words in length.
2. Explain the meaning of social surplus. Discuss how changes in social surplus measure changes in the sums of compensating variations and rents. Please provide at
least one example to illustrate your understanding.
Your response should be at least 500 words in length.
Weimer, D. L., & Vining, A. R. (2011). Policy analysis: Concepts and practice (5th ed.). New York, NY: Longman.
APA Style. Use your own words and include citations for other sources as needed to avoid plagiarism.
