Quelpr
3 marksMarket Failure

CSEC Economics · May/June 2016 · Paper 2 · Question 2(b)

List THREE causes of market failure.

The mark scheme is shown once you've answered.

Practise this question

Other parts of this question

  1. 2(a)Define the term 'market failure'.[2 marks]
  2. 2(c)(i)Explain the impact on the demand curve when the price of a good falls.[3 marks]
  3. 2(c)(ii)Explain the impact on the demand curve when the income of the population rises.[3 marks]
  4. 2(d)(i)Calculate the cross-price elasticity of demand using the provided information.[3 marks]
  5. 2(d)(ii)Determine the classification of Good A in relation to Good B based on the result obtained in (d)(i).[1 mark]

More practice: the rest of this paper · more Market Failure questions · all CSEC Economics past papers