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UNIT 9

Market failures

QuestionAnswer
Define negative externalities of production and give an example. Negative externalities of production refer to external costs created by producers. The problem of environmental pollution, created as a side-effect of production activities, is very commonly analysed as a negative production externality.
Reasons for underprovision Reasons for underprovision include: *The good may have positive externalities. *Low levels of income and poverty. *Consumer ignorance.
Name the characteristics of public goods It is non-rivalrous and it is non-excludable.
Why is monopoly power conseidered to b e socially undesirable? because it leads to allocative inefficiency, a productive inefficiency or a lower output and a higher price of the industry than the output and price of a more competitive market.
Poductive inefficiency is when... When the production does not take place at the lowest possible cost.
Created by: antia
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