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Summary

Summary How to structure market failure case

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Summary of 2 pages for the course AS Unit F581 - Markets in Action at OCR (Definitions)

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OCR
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AS Unit F581 - Markets in Action








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Study Level
A/AS Level
Examinator
OCR
Subject
Economics
Unit
AS Unit F581 - Markets in Action
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Uploaded on
June 30, 2023
Number of pages
2
Written in
2022/2023
Type
Summary

Subjects

  • overconsumption
  • overproduction
  • underconsumption
  • underproduction

Content preview

Market failure refers to when there is a misallocation of resource in a market which results in an equilibrium
quantity that leads to a good being over/under consumed/ produced relative to the best allocation for society
Externalities- positive or negative impact on a third party (those who neither buy or sell) from a particular
market transaction
Marginal social cost (MSC)= marginal private cost+ externalities
Marginal social benefit (MSB)= marginal private benefit+ externalities
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