Market Failures (Grade 12 NSC Matric Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
ShowHide
Practise the questions
10 questions from this quiz
What is allocative efficiency also known as?
What is allocative efficiency also known as?
Pareto efficiency
When does market failure occur?
When does market failure occur?
Supply & demand fail to allocate efficiently
Which are examples of merit goods?
Which are examples of merit goods?
Healthcare and education
Public goods are both non-excludable and what?
Public goods are both non-excludable and what?
Non-rival
What is an example of a negative externality?
What is an example of a negative externality?
Air pollution from factories
How is social cost calculated?
How is social cost calculated?
Private Cost + External Cost
What are price ceilings?
What are price ceilings?
Maximum prices below equilibrium
What type of price control is the minimum wage?
What type of price control is the minimum wage?
A special type of price floor
Which are examples of demerit goods?
Which are examples of demerit goods?
Cigarettes and gambling
What type of externality does education create?
What type of externality does education create?
Positive externality