Which of the following scenarios are typically subject to market failure? (select all that apply) a....

Which of the following scenarios are typically subject to market failure? (select all that apply)

	a.	A private good
	b.	A service, such as national defense, where people can free ride
	c.	An externality
	d.	A price ceiling that is above the equilibrium price
	e.	A good that is non-excludable and non-rival

Solutions

Expert Solution

The valid options are:

Option B
Option C
Option E

Explanation: Services such as national defense come under public goods which the private market cannot effectively produce. An externality leads to over allocation or under allocation of resources. A good that is non-excludable and non-rival is a public good.

Rahul Sunny answered 1 year ago

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