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Specimenናሙና
Microeconomics IICh. 7 — Market Failure
p. 142
Summaryማጠቃለያ

Amarket failure occurs when the free market, left alone, allocates resources inefficiently — typically because of externalities, public goods, information asymmetries, or market power. Each of these breaks one of the assumptions behind the First Welfare Theorem.

Quizጥያቄ

Which of the following is not a standard cause of market failure?

  1. A.Negative externalities
  2. B.Diminishing marginal utility
  3. C.Asymmetric information
  4. D.Public goods

Diminishing marginal utility describes consumer preferences, not a breakdown of market efficiency. Generated from chapter notes; cite source on review.

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