micro economics definitions quiz 0.0 / 5 ? EconomicsallASAQA Created by: charCreated on: 24-01-17 18:29 demerit good A good that would be over-consumed in a free market, as it brings less overall benefit to consumers than they realise 1 of 8 public good A good that posses the characteristics of non-excludability and non-rivalry in consumption 2 of 8 partial market where the free market provides a product but with misallocation of resources 3 of 8 information failiure where economic agents do not properly perceive the benefits or disadvantages of a transaction 4 of 8 free rider problem Where some consumers benefit from other consumers purchasing a good, particularly in the case of public goods 5 of 8 merit good A good that would be under-consumed in a free market, as individuals do not fully perceive the benefits obtained from consumption 6 of 8 Quasi public good A good that has some of the qualities of a public good but does not fully posses the two required characteristics of non-rivalry and non-excludability 7 of 8 complete market failiure where the free market fails to provide a product at all, i.e. the case of public goods 8 of 8
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