Micro Economics (Market Failures, Imperfect Markets , Externalities, Public Goods, Government Intervention ,Taxes and Subsidies
Essay question: Market failure occurs when there is an inefficient allocation of resources in a free market. After defining the concept of market failure, give no more than three examples to analyse the effectiveness of various forms of government intervention which may be used to address this.
You will be required to use examples from your own research. (an industry you are familiar with).
Related graph or chart must include.
Please make sure you focus on below marking rubrics:
1.Clear understanding of the concepts, the key issues involved, and the nature and extent of their significance
2. Application of knowledge to given business scenarios
Choice and justification of examples
3. Quality and comprehensiveness of analysis with appropriate conclusions drawn
4. Ability to express ideas clearly and logically
