Define what “market failure” means. Explain why the market underproduces “public goods.” Explain how externalities distort market outcomes. Describe how market power prevents optimal outcomes. Define what “government failure” is. […]
Define what “market failure” means. Explain why the market underproduces “public goods.” Explain how externalities distort market outcomes. Describe how market power prevents optimal outcomes. Define what “government failure” is. […]