Homework Answers
1. Goods that lack price tend to result in a market failure. The market failure can be attributed to a lack of efficiency .Hence, option(B) is correct.
2. Common goods are rival and non-excludable .Hence, option(C) is correct.
3. Private goods are rival and excludable. Hence, option(A) is correct.
Add Answer to:
1) Goods that lack a price tend to result in a market failure. The market failure...
Unit 8 Market Failures: Externalities, public goods, natural resources The production of coffee pods results in...
Unit 8 Market Failures: Externalities, public goods, natural resources The production of coffee pods results in environmental damages when consumers throw the pods away. Currently consumers are not responsible for the costs of disposing of these coffee pods. The environmental damages caused by throwing away the coffee pods is an example of a: a Positive externality (6. Negative externality c. Private cost d. Private benefit Consider the market for coffee in the graph to the right. 1. Left unregulated, what...
Paragraph Styles Unit 8 - Market Failures: Externalities, public goods, natural resources The production of coffee...
Paragraph Styles Unit 8 - Market Failures: Externalities, public goods, natural resources The production of coffee pods results in environmental damages when consumers throw the pods away. Currently consumers are not responsible for the costs of disposing of these coffee pods. MSC MPC The environmental damages caused by throwing away the coffee pods is an example of a:1 Vertical (Value) Axis Major Gridlines a. Positive externality b. Negative externality c. Private costs d. Private benefits Consider the market for coffee...
True or False 5. Market failure cannot occur if non-rival goods are excludable and producers can...
True or False
5. Market failure cannot occur if non-rival goods are excludable and producers can charge for them. As a percentage of GDP, spending on national defense has mainly declined since 1950. The total willingness to pay for a certain quantity of a good can be greater than the amount people actually spend. Whereas cost externalities cause inefficiency, benefit externalities are good for the economy and improve economic efficiency. 9. Language has a network externality. 10. Smoking imposes externalities...
8. Which of the following is an example of a market failure? a) some goods are...
8. Which of the following is an example of a market failure? a) some goods are public (non-excludable and non-rival). b) market activities have externalities. c) insurers cannot distinguish customers who are good risks and bad risks. d) all of the above The free-rider problem means a) people will not consume a public good unless it is free. b) it is efficient to provide a public good for free." c) people treat a public good as if it were free....
Market failure has four major causes, one being lack of public goods. Explain why lack of...
Market failure has four major causes, one being lack of public goods. Explain why lack of public goods increases income inequality by raising prices of private goods (think along the lines of demand and supply)
6. Which of the following is an example of market failure? a. Excludable and rival goods...
6. Which of the following is an example of market failure? a. Excludable and rival goods b. Low prices c. Excess supply d. None of the above. 7. Which of the following is a climate mitigation policy? a. Cap and trade system to reduce emissions b. Change infrastructure Standards c. Changes in zoning laws and new development policies d. All of the above. a. 8. Which paradigm places highest value on the present. Discounted Utilitarianism b. Rawlsian Intergenerational Equity Green...
23. Suppose the Environmental Protection Agency (LRT mental Protection Agency (EPA) wants to mandate that all...
23. Suppose the Environmental Protection Agency (LRT mental Protection Agency (EPA) wants to mandate that all methane emissions must be reduced to zero in order to alleviate global warming in the United States. Which of the following describes why most economists would disagree with this policy a. The environment is not worth protecting b. Reducing methane emissions is desirable, but whatever level of pollution firms decide to emit privately is already efficient c. The opportunity cost of zero pollution is...
True or False 1. Public goods are provided by the government or not at all. The...
True or False
1. Public goods are provided by the government or not at all. The second largest source of tax revenue for the federal government is social insurance taxes (Social Security and Medicare taxes). Other things equal, an economy's marginal willingness to pay for a non-rival good is likely to be higher the larger the population. Spending on the social security program is not included in the unified budget because it is “off-budget." Market failure cannot occur if non-rival...
1.Find an article in a recent newspaper or magazine that illustrates market failure 2. Identify the...
1.Find an article in a recent newspaper or magazine that illustrates market failure 2. Identify the type of market failure. Is it a problem of negative externalities, positive externalities, public goods, or common resources? 3. Explain how government action can improve economic efficiency. 4. Graph the market failure and explain the problem. Then show how government action will change the situation.
QUESTION 9 In a perfectly competitive labor market with freely adjusting hours, what is the value...
QUESTION 9 In a perfectly competitive labor market with freely adjusting hours, what is the value of an hour? a. more than the hourly wage b. the hourly wage c. less than the hourly wage d. the value of additional health benefits received at work QUESTION 10 The value of an input in its next best use is the: a. opportunity cost. b.explicit cost. C. marginal benefit. d. cost-benefit ratio. QUESTION 11 A good for which the price is set...
Unit 8 Market Failures: Externalities, public goods, natural resources The production of coffee pods results in environmental damages when consumers throw the pods away. Currently consumers are not responsible for the costs of disposing of these coffee pods. The environmental damages caused by throwing away the coffee pods is an example of a: a Positive externality (6. Negative externality c. Private cost d. Private benefit Consider the market for coffee in the graph to the right. 1. Left unregulated, what...
Paragraph Styles Unit 8 - Market Failures: Externalities, public goods, natural resources The production of coffee pods results in environmental damages when consumers throw the pods away. Currently consumers are not responsible for the costs of disposing of these coffee pods. MSC MPC The environmental damages caused by throwing away the coffee pods is an example of a:1 Vertical (Value) Axis Major Gridlines a. Positive externality b. Negative externality c. Private costs d. Private benefits Consider the market for coffee...
True or False
5. Market failure cannot occur if non-rival goods are excludable and producers can charge for them. As a percentage of GDP, spending on national defense has mainly declined since 1950. The total willingness to pay for a certain quantity of a good can be greater than the amount people actually spend. Whereas cost externalities cause inefficiency, benefit externalities are good for the economy and improve economic efficiency. 9. Language has a network externality. 10. Smoking imposes externalities...
8. Which of the following is an example of a market failure? a) some goods are public (non-excludable and non-rival). b) market activities have externalities. c) insurers cannot distinguish customers who are good risks and bad risks. d) all of the above The free-rider problem means a) people will not consume a public good unless it is free. b) it is efficient to provide a public good for free." c) people treat a public good as if it were free....
6. Which of the following is an example of market failure? a. Excludable and rival goods b. Low prices c. Excess supply d. None of the above. 7. Which of the following is a climate mitigation policy? a. Cap and trade system to reduce emissions b. Change infrastructure Standards c. Changes in zoning laws and new development policies d. All of the above. a. 8. Which paradigm places highest value on the present. Discounted Utilitarianism b. Rawlsian Intergenerational Equity Green...
23. Suppose the Environmental Protection Agency (LRT mental Protection Agency (EPA) wants to mandate that all methane emissions must be reduced to zero in order to alleviate global warming in the United States. Which of the following describes why most economists would disagree with this policy a. The environment is not worth protecting b. Reducing methane emissions is desirable, but whatever level of pollution firms decide to emit privately is already efficient c. The opportunity cost of zero pollution is...
True or False
1. Public goods are provided by the government or not at all. The second largest source of tax revenue for the federal government is social insurance taxes (Social Security and Medicare taxes). Other things equal, an economy's marginal willingness to pay for a non-rival good is likely to be higher the larger the population. Spending on the social security program is not included in the unified budget because it is “off-budget." Market failure cannot occur if non-rival...
QUESTION 9 In a perfectly competitive labor market with freely adjusting hours, what is the value of an hour? a. more than the hourly wage b. the hourly wage c. less than the hourly wage d. the value of additional health benefits received at work QUESTION 10 The value of an input in its next best use is the: a. opportunity cost. b.explicit cost. C. marginal benefit. d. cost-benefit ratio. QUESTION 11 A good for which the price is set...
Most questions answered within 3 hours.
-
The pH of a sample of water from a river is 5.0. A
sample of effluent from...
asked 8 minutes ago -
At the beginning of the period, the Fabricating Department
budgeted direct labor of $136,500 and equipment...
asked 35 minutes ago -
Please answer all
____ 28. Rent control is usually
justified on the grounds that it protects...
asked 35 minutes ago -
PARTS A-D HAVE BEEN ANSWERED. WAS TOLD TO REPOST. ONLY ANSWER
PARTS E and F.
A...
asked 52 minutes ago -
2) You are given the task of finding a representation for a
circle in a drawing...
asked 2 hours ago -
STUDY QUESTION: Does use of diet drug fen-phen
(fenfluramine-phentermine) cause valvular heart disease?
HINT: Valvular heart...
asked 1 hour ago -
1. An object weighing 40 N rests on a surface. The coefficient
of friction is 0.35....
asked 3 hours ago -
Investor company owns 35% of investee company voting stock and
accounts for the investment under the...
asked 4 hours ago -
The number of major faults on a randomly chosen 1 km stretch of
highway has a...
asked 4 hours ago -
Consider the competitive environment of Starbuck's, Progressive
Insurance, a manufacturing firm with low turnover, or a...
asked 5 hours ago -
3. Gains from trade
Consider two neighbouring island countries called Euphoria and
Contente. They each have...
asked 7 hours ago -
A business executive has the option to invest money in two
plans: Plan A guarantees that...
asked 9 hours ago