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Y1 MICRO Market Failure And Government Intervention > Information Asymmetries > Flashcards

Information Asymmetries Flashcards

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1
Q

Informational failure diagram (demerit)

A

MSC
MPB>MSB
< overfilled welfare
MSB with full info

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2
Q

Information failure diagram (merit)

A

MSC
MPB welfare loss
MSB with full info

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3
Q

Demerit good

A

Over consumption and production in a free market situation

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4
Q

Merit good

A

Result in under consumption and production in a free market situation (allocative inefficiency)

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Y1 MICRO Market Failure And Government Intervention (7 decks)

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