Discuss how the government may best solve the market failures associated with gambling’

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Discuss how the government may best solve the market failures associated with gambling’Introduction – 1 / 3 side The introduction is for you to get real focus• You may start with a couple of technical sentences saying the free market is often efficient due to the P mechanism, invisible hand finding equilibrium and maximising welfare.•However Gambling is an example of a ???? Merit good? Demerit good? Quickly find the main economic issues. •Try to quickly think of some gambling examples …. And name-check them. If you can think of a range of examples, it will help for later. Market failure theory – 2/3 side (1 side total) You can now really explain why the gambling market risks failing. Keep (briefly) mentioning types of gambling. Show the market failure on a graph and mention graph labels and inefficiency triangles in your writing. Market failure theory – 1/3 side (top of 2nd side) There is often an overlap between merit / demerit good problems and externality problems. Does gambling have externalities? If it does you could mention them now. It is

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