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Author Question: When resources are misallocated, or allocated inefficiently (Read 84 times)

ETearle

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Question 1

Assume that price underestimates the value that society places on the flu vaccine. If firms produce where 
P = 
MC, firms will be producing


◦ the socially efficient amount of flu vaccine.
◦ more than the socially efficient amount of flu vaccine
◦ less than the socially efficient amount of flu vaccine.
◦ so that consumer surplus is zero.

Question 2

When resources are misallocated, or allocated inefficiently


◦ market failure occurs.
◦ then there must be external costs or benefits in production.
◦ then it must be the case that there is imperfect information in the market.
◦ then it must be the case that the good is a public good.


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Marked as best answer by ETearle on Apr 19, 2019

dmurph1496

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ETearle

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Reply 2 on: Apr 19, 2019
Gracias!


AngeliqueG

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

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