Excellent study tool to revise the Public Goods section of the A-level Economics syllabus. This is tailored to the Edexcel specification but can also be used for other exam boards.
This is a relevant resource for both first-year and second-year students to revise or learn from and get the best p...
,What are public goods and
why are they an example of
market failure?
, Market failure is a situation
where the free market
Reminde mechanism does not lead to
an optimal/efficient allocation
r: of resources and the needs
and wants of societies are
Market not met. As a result, too much
or too little of a product can be
Failure produced, leading to a
net welfare loss (society is
worse off).
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