Market Failure
Quiz
•
Business
•
7th Grade - University
•
Practice Problem
•
Medium
Kerwin Alexander
Used 170+ times
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20 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following is NOT a cause of market failure
The provision of public goods
Perfect competition
The provision of merit goods
Externalities
Monopoly
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
This means that consumption by one person does not reduce the consumption by another persons.
Non-Rivalrous
External cost
Non-excludable
Freeriders
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
This is the fact that consumption of a public good cannot be confined to those who have paid for it.
Non-Rivalrous
External cost
Non-excludable
Freeriders
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Efficient allocation of resource is where:
P = VC
P < TC
P = MC
P < MC
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following is an example of a public good?
A lighthouse
The public transport (bus or train)
Water to homes
A coca cola
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
A free good has:
An opportunity cost
No opportunity cost
Excludability
Has a price
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
We may minimize market failure related to a public good by:
Restricting access to only those who pay
Excluding those who want to freeride
Providing the good using taxation revenue
Depending on the private sector to supply it
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