b. List and explain the 4 causes of market failure included in
the slides, including how they actually lead to market failure.
Don’t miss this part! Need more detailed explanation here. How do
these actually lead to market failure.
SET A
1.) What is Market Failure
(define). Name the 4 causes of Market
Failure and explain each cause of market
failure.
2.)What is Opportunity Cost (Define and Explain) ? Give
an example of an Opportunity Cost.
3.) What is a Demand Schedule & Demand Curve (Define
and Explain)? What does a Demand Schedule and Demand Curve tell
(State) in economics?
4.) What is Total Revenue and How is it calculated
(formula)?
5.) What is a Production Function (Define and...
Describe the 4 causes of market failure. Why is it safe to
assume that the government will continue to subsidize inoculations
against diseases like whooping cough and small pox for young
children?
Compare and contrast the causes and implications of government
failure vs. market failure. An excellent place to start is the
welfare implications of a well-functioning, perfectly competitive
market.
What is a market failure?
Give an example that shows how the market does not provide the
right incentives to limit environmentally damaging behavior (i.e.,
a market failure). What is the role of government in the case of
market failures such as negative externalities or public goods?