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2 marksMarket Failure

CSEC Economics · May/June 2009 · Paper 2 · Question 7(a)

Define the term 'market failure'.

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Other parts of this question

  1. 7(b)Outline THREE causes of market failure.[5 marks]
  2. 7(c)Describe TWO consequences of market failure in the transportation sector in a named Caribbean territory.[5 marks]
  3. 7(d)(i)Outline TWO factors that might affect the price elasticity of supply of sugar.[4 marks]
  4. 7(d)(ii)With the aid of a diagram, state TWO effects of a rightward shift in demand when supply remains unchanged.[4 marks]

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