.Cliange price and quantity Which of the following is an example of market failu
ID: 1126653 • Letter: #
Question
.Cliange price and quantity Which of the following is an example of market failure? a. Public goods. b. Externalities. c. Lack of competition. d. all of the above. A cost or benefit of a good imposed on people other than the consumers or producer of a good is called a (an) a. public good. b. merit good. c. private good. d. externality Which if the following is the best example of a public good? a. Bread. b. Fish in the ocean. c. Scrambled satellite broadcasts. d. National defense. If the equilibrium price of natural gas is $4 per thousand cubic feet and a price ceiling is imposed at $3 per thousand cubic feet, the result will be: a. a surplus of natural gas. b. a shortage of natural gas. c. an accumulation of inventories of unsold gas. d. None of the above.Explanation / Answer
1) the answer is D -) All of the above.
because the market failure is the situation when the supply of good and service is insufficient to meet the demand of the consumers. and market failur can consisits in all of the three segment, that is in public good, in negative or positive externalities and lack of competition.
2) The answer is D-) Externality.
3) The answer is d-) National defense
4) The answer is B-) SHortage of natural gas
because at lower, supplier reduce the supply and consumer demand more of the good which result in shortage of good.
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