Summary
Summary ECO2003F: Market Efficiency and public policy
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What constitutes Market failureWhen markets allocate resources in a Pee to Inefficent
we call this MARKET FAILURE
way
when a firm produces a differentiated
good such that the price does not equal MK e
an
Defining externality
A positive or
negate effect of a production
consumption or other economic decisions on another
person or people that is not specified as a benefit
OR
liability in a contract
note it is called an external effect as the effect
in question is outside the contract
, marginal social
cost
i
Private cost
costs
note
MPC slopes upwards because the cost of producing
an additional Q increases as the land is mac
intensively used
mac This is the cost of the reduction
in and of fish caused each
quantity quality by
additional level of Q
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