micro economics definitions quiz

?
  • Created by: char
  • Created on: 24-01-17 18:29

1. 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
  • A good that would be over-consumed in a free market, as it brings less overall benefit to consumers than they realise
  • A good that posses the characteristics of non-excludability and non-rivalry in consumption
1 of 8

Other questions in this quiz

2. complete market failiure

  • where the free market fails to provide a product at all, i.e. the case of public goods
  • Where some consumers benefit from other consumers purchasing a good, particularly in the case of public goods

3. merit good

  • where the free market provides a product but with misallocation of resources
  • A good that would be under-consumed in a free market, as individuals do not fully perceive the benefits obtained from consumption
  • where economic agents do not properly perceive the benefits or disadvantages of a transaction

4. partial market

  • where the free market provides a product but with misallocation of resources
  • where economic agents do not properly perceive the benefits or disadvantages of a transaction

5. public good

  • A good that posses the characteristics of non-excludability and non-rivalry in consumption
  • A good that would be over-consumed in a free market, as it brings less overall benefit to consumers than they realise
View more questions

Comments

No comments have yet been made

Similar Economics resources:

See all Economics resources »See all all resources »