
1.3 Market failure
Authored by Jamie Thorns
Business
12th Grade
Used 3+ times

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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Welfare loss is where
SC>SB at the overproduction
SC=SB
PC>PB at the overproduction
total surplus increases
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
External cost is where
SC>PC
SB>PB
SC<PC
SB<PB
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Positive externality refers to a
benefit to a third party
cost to a third party
cost to a producer
benefit to a consumer
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Public goods are both...
rival and excludable
rival and non-excludable
non-rival and excludable
non-rival and non-excludable
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
the free rider problem occurs because.....
public goods are non-rival
public goods are non-excludable
private goods are rival
private goods are excludable
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
which of the following is NOT a market failure
public goods
externalities
information failure
quasi-public goods
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The social optimum is the output level where
MPB=MPC
MPB=MSB
MSB=MSC
MPC=MSC
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