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Exam (elaborations)

ARE Exam 2 With 100% Correct Answers

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November 14, 2024
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ARE Exam 2 With 100% Correct Answers


Market Failure - ANSWER market fails to ensure resources are efficiently allocated



3 Causes for MF - ANSWER Negative Externality, Positive Externality, & No Market



Negative Externality - ANSWER economic activity that negatively affects a 3rd party
(Pollution) (fines/ taxes)



Positive Externality - ANSWER economic activity that positively affects a 3rd party (Solar
Panels) (subsidies)



No Market (Excludable) - ANSWER You must pay to enjoy the benefit (Disney World)

Non-excludable (Krepps park)



No Market (Rival) - ANSWER Your consumption decreases what's available for others
(concert tickets)

Non-rival (Netflix subscription)



Solutions for no market - ANSWER 1. Create a market (cap & trade) 2. Benefit-Cost
Analysis



Non-Market Goods - ANSWER Environmental goods and services (water, air quality,
public beach)



Marginal benefit to consumers - ANSWER Marginal Utility



Marginal Cost - ANSWER Price
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