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3 marksMarket Failure

CSEC Economics · May/June 2007 · Paper 2 · Question 4(b)

List THREE reasons why markets fail.

The mark scheme is shown once you've answered.

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Other parts of this question

  1. 4(a)Define the term 'market'.[2 marks]
  2. 4(c)Describe TWO benefits that will result in moving from a monopoly to a perfectly competitive market in the telecommunications industry.[4 marks]
  3. 4(d)(i)Describe the market situation at a price of $8.[2 marks]
  4. 4(d)(ii)The government imposes a fixed price of $6 on Product X. With the aid of a diagram, discuss the effects of this action.[4 marks]

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