TOPIC 3: MARKET FAILURE AND GOVERNMENT FAILURE
- Define market failure
- What are the causes of market failure?
- Define allocative efficiency
- Why is the social optimum not reached?
- Define externalities
- What are the four types of externalities and gives an example of each
- What is the problem with negetive externalities?
- What are the solutions of negetive externalities?
- What is…
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