Homework Answers
Ans) 1) All of the above leads to market failure. Externality leads to non production of optimal quantity. Public goods are susceptible to free rider problem and insures suffer loss when person fails to pay the amount.
Option d.
2) Free rider problem occurs when people enjoy goods without paying the right price or at all for it. It generally occurs in public goods as they are non excludable in nature.
Option d.
3) Here lighthouse is pure public good as it is both non excludable and non rivalrous in nature. As if one is seeing the light, he cannot restrict others from seeing it.
If one is using library book, other person cannot use it. In football team,number of players are fixed.
Option a.
4) The efficient quantity of public good requires marginal cost be equal to sum of all willingness to pay.
Option d.
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QUESTION 9 In a perfectly competitive labor market with freely adjusting hours, what is the value...
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True or False 1. Public goods are provided by the government or not at all. The...
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Paragraph Styles Unit 8 - Market Failures: Externalities, public goods, natural resources The production of coffee...
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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...
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Need answers ASAP please!
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True or False
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True or False
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