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Unit 9

Market Failures

QuestionAnswer
What do you refer when you talk about nagetive production externalities? 1- Negative externalities of production refer to external costs created by producers. 2- It refer to internal costs created by firms. 3- Both of them.
What are the reasons for underprevision? 1- The good may have positive externalities. 2- Low levels of income and property. 3-Consumer ignorance. 4- All the options are correct.
Governments can also pursue policies relying on the market to correct externalities like: 1- Taxes 2- Subsidies 3- Tradable permits 4- All answers are correct.
What are the possible government responses for asymmetric information? 1- Regulation and provision of information. 2- Ban the access to the information.
Monopoly power is considered to be socially undesirable because it leads to: 1- Allocative inefficiency. 2- Productive inefficiency. 3- Lower output and a higher price of the industry than the output and price of a more competitive market. 4- All the answers are correct.
Created by: mariavarela
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