In second-best world, private actions will lead to the best possible outcomes for the society.

Name: In second-best world, private actions will lead to the best possible outcomes for the society.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

In a second-best world, private actions may not lead to the best possible outcomes for society due to the presence of market failures and externalities. Government intervention may be necessary to correct market failures and ensure social welfare is maximized.

In Second-Best World, Private Actions Will Lead to the Best