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james9437

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Question 1

Market failure occurs when


◦ firms that are incurring losses leave a market.
◦ perfectly competitive firms produce where 
MR = 
MC.
◦ resources are misallocated, or allocated inefficiently.
◦ firms are only able to earn a normal profit.

Question 2

The whole class of goods that will be underproduced or not produced at all in a completely unregulated market economy are referred to as


◦ free goods.
◦ Pareto goods.
◦ private goods.
◦ public goods.


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Marked as best answer by james9437 on Apr 19, 2019

juicepod

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juicepod

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