MS 2220 Final Chapter 16
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| When examining market failure, we look at _____ as a source of inefficiency | show 🗑
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| show | spillovers or neighborhood effects
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| What is the total cost to society of producing an additional unit of a good or service | show 🗑
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| show | marginal costs of producing and the measured damage costs involved in production
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| What is the profit-maximizing point? | show 🗑
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| show | acid rain!
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| What is the amount that a consumer pays to consume an additional unit of a particular good? | show 🗑
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| show | Marginal damage cost
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| If producing product X pollutes the water in a river, the marginal damage cost is the additional cost imposed by the added pollution that results from increasing output by ____________ | show 🗑
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| A number of mechanisms are available to provide decision makers with incentives to weigh the external costs and benefits of their decisions is referred to as _____ | show 🗑
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| show | Coase theorem
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| show | Injunction
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| Laws that require A to compensate B for damages imposed | show 🗑
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| Goods that are nonrival in consumption and/or their benefits are nonexcludable | show 🗑
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| A characteristic of public goods - one persons enjoyment of the benefits of a public good does not interfere with another's consumption of it | show 🗑
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| A characteristic of public goods - once a good is produced, no one can be excluded from enjoying its benefits | show 🗑
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| show | the free-rider problem
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| show | drop-in-the-bucket problem
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| show | optimal level of provision for public goods
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| An efficient mix of public goods is produced when local land/housing prices and taxes come to reflect consumer preferences just as they do in the market for public goods | show 🗑
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| Goods that are part public goods and part private goods (i.e. education) | show 🗑
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| The problem of deciding what society wants; the process of adding p individual preferences to make a choice for society as a whole | show 🗑
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| A proposition demonstrated by Kenneth Arrow showing that no system of aggregating individual preferences into social decisions will always yield consistent, nonarbitrary results | show 🗑
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| A simple demonstration of how majorit-rule voting can lead to seemingly contradictory and inconsistent results; a commonly cited illlustration of the kind of inconsistency described in the impossibility theorem | show 🗑
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| Occurs when congressional representatives trade votes, agreeing to help each other get certain pieces of legislation passed | show 🗑
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Or sort by any of the columns using the down arrow next to any column heading.
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