4 marksMarket Failure
CAPE Economics Unit 1 · 2013 · Paper 2 · Question 4(a)(i)
Efficiency and market failure concepts.
Explain the term economic efficiency.
The mark scheme is shown once you've answered.
Practise this questionOther parts of this question
- 4(a)(ii)Explain the term market failure.[4 marks]
- 4(b)(i)Explain how monopolies could lead to market failure.[4 marks]
- 4(b)(ii)Explain how public goods could lead to market failure.[6 marks]
- 4(b)(iii)Explain how negative externalities could lead to market failure.[4 marks]
- 4(c)Evaluate ONE measure used by the government to deal with market failure caused by public goods.[3 marks]
More practice: the rest of this paper · more Market Failure questions · all CAPE Economics Unit 1 past papers