Question: 3.1 Briefly define allocative efficiency. Identify and explain two sources of allocative inefficiency in the housing market. 3.2 Select one of the two sources of

3.1 Briefly define allocative efficiency. Identify and explain two sources of allocative inefficiency in the housing market.

3.2 Select one of the two sources of allocative inefficiency you identified in 3.1 above, and briefly analyse one policy action the government and /or another organisation can take to improve allocative efficiency. Will this policy significantly reduce prices and improve allocative efficiency? Discuss.

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Is this action/response consistent with past verbal messages of this organization/ spokesperson? If no, explain the inconsistency.