More cards in this set

Explain the concept of 'lemons'?

Why are moral hazards present in insurance companies?

What are solutions to information failure?

What are public goods?

What does 'non-rival' mean?

What does 'non-excludable' mean?

What are quasi-public goods?

What is an example of a quasi-public good?

What are 'free riders' and how does it affect the price mechanism?

Why is it difficult to set a price on public goods?