Markets, market imperfections and market failure

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  • Created by: tul
  • Created on: 13-01-16 10:59
Externalities
Private costs or benefits+ external costs or benefits= social (total) costs or benefits
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When do information failures occur?
Information occurs when producers and/ or consumers do not have perfect information.Individual consumers may over-or under-consume goods. They may find information provided about a good too complicated/ Valuation of future benefits difficult
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When do information failures occur?

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Information occurs when producers and/ or consumers do not have perfect information.Individual consumers may over-or under-consume goods. They may find information provided about a good too complicated/ Valuation of future benefits difficult

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Card 5

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