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Lecture Economics (19/e) - Chapter 5: Market failures: Public goods and externalities

Competitive markets usually do a remarkably effective job of allocating society’s scarce resources to their most highly valued uses. Thus, we begin this chapter by demonstrating how properly functioning markets efficiently allocate resources. We then explore what happens when markets don’t function properly. In some circumstances, economically desirable goods are not produced at all. In other situations, they are either overproduced or underproduced. This chapter focuses on these situations, whi

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05 Market Failures: Public Goods and Externalities McGraw­Hill/Irwin Copyright © 2012 by The McGraw­Hill Companies, Inc. All rights reserved. Market Failures • Market fails to produce the right amount of the product • Resources may be •Over-allocated •Under-allocated LO1 5-2 Demand­Side Failures •Impossible to charge consumers what they are willing to pay for the product •Some can enjoy benefits without paying LO1 5-3 Supply­Side Failures •Occurs when a firm does not pay the full cost of producing its output •External costs of producing the good are not reflected in the supply LO1 5-4 Efficiently Functioning Markets • Demand curve consumers full must reflect the willingness to pay • Supply curve must reflect all the costs of production LO1 5-5 ... - tailieumienphi.vn
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