What is market failure?
What will be an ideal response?
Market failure occurs when resources are misallocated or allocated inefficiently.
Economics
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Refer to Figure 18-2. If the government imposes an excise tax of $1.00 on every unit sold, the government's revenue from the tax
A) is larger if the supply curve is S0. B) is identical under either supply curve. C) is larger if the supply curve is S1. D) is not maximized.
Economics
The output effect describes the situation when a monopolist sells more output and, all else equal, total revenue
a. increases. b. decreases. c. is unchanged. d. is maximized.
Economics