경제원론I 맨큐의 경제학 5판 영어원서 원페이지레포트 7장 복습문제 입니다^^

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경제원론I 맨큐의 경제학 5판 영어원서 원페이지레포트 7장 복습문제 입니다^^

목차

1. Name two types of market failure. Explain why each may cause market outcomes to be in efficient.
2. In a supply and demand diagram, show producer and consumer surplus in the market equilibrium.

본문내용

1. Name two types of market failure. Explain why each may cause market outcomes to be in efficient.
Market power and externalities are examples of a general phenomenon called market failure- the inability of some unregulated markets to allocate resources efficiently.
Market power can cause markets to be inefficient because it keeps the price and quantity away from the equilibrium of supply and demand.
In the world, the decisions of buyers and sellers sometimes affect people who are not participants in the market at all. Such side effects, called externalities, cause welfare in a market to depend on more than just the value to the buyers and the cost to the sellers. Because buyers and sellers do not consider these side effects when deciding how much to consume and produce, the equilibrium in a market can be inefficient from the standpoint of society as a whole.

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