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1.8 The market mechanism, market failure and government intervention in markets

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Question 37

Partial market failure exists when

the free market fails to establish a market for a public good.

a market exists but results in an inefficient allocation of resources.

government intervention leads to a net welfare loss in the economy.

there is a complete lack of price signals to incentivise production.

1.8 The market mechanism, market failure and government intervention in markets Questions

  1. A Level
  2. /Economics
  3. /1.8 The market mechanism, market failure and government intervention in markets