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3 marksMarket Failure

CSEC Economics · May/June 2014 · Paper 2 · Question 7(c)

List THREE causes of market failure.

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Other parts of this question

  1. 7(a)Define the term 'market equilibrium'.[2 marks]
  2. 7(b)Identify the TWO main market forces in an economy.[2 marks]
  3. 7(d)Explain the statement regarding gasoline price hike in the context of cross elasticity of demand.[8 marks]
  4. 7(e)Discuss TWO impacts on the market that may result from the introduction of a low-cost airline carrier in the Caribbean.[5 marks]

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