The Reasons for Market Failures (Grade 12 NSC Matric Economics): Quizzes
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Practise the questions
10 questions from this quiz
What occurs when the free market fails to allocate resources efficiently?
What occurs when the free market fails to allocate resources efficiently?
Market failure
What happens when goods create negative externalities?
What happens when goods create negative externalities?
They tend to be overproduced
Which are examples of positive externalities?
Which are examples of positive externalities?
Education and healthcare
What does non-rivalry mean for public goods?
What does non-rivalry mean for public goods?
One person's use doesn't reduce others'
What characterises merit goods?
What characterises merit goods?
Beneficial but under-consumed by market
What does the market do with demerit goods?
What does the market do with demerit goods?
Produce too much of these goods
Which is a barrier to entry that reduces competition?
Which is a barrier to entry that reduces competition?
Advertising and brand loyalty
What are private costs also called?
What are private costs also called?
Internal costs
Why is labour mobility limited?
Why is labour mobility limited?
Workers take time to move and train
How do markets allocate resources regarding fairness?
How do markets allocate resources regarding fairness?
Based on purchasing power, not need