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Introduction to Market Failure

Introduction to Market Failure

Markets are thought to be the most efficient system for allocating society's scarce resources. However, what if markets FAIL to achieve the efficiency we so desire as a society? Market failures arise when the free market quantity is either greater than or less than the "socially optimal" quantity of a good. This lesson introduced different ways markets may fail to achieve a socially optimal level of output....

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More about this material

Material Type:
Tutorial
Date Added to MERLOT:
July 13, 2021
Date Modified in MERLOT:
July 13, 2021
Author:
Submitter:
Cathy Swift
Asian American, Native American, Pacific Islander Serving Institution Hispanic Serving Institution
Primary Audience:
College General Ed, College Lower Division, College Upper Division
Technical Format:
Video, Website
Mobile Compatibility:
Not specified at this time
Language:
English
Cost Involved:
No
Source Code Available:
Unknown
Accessibility Information Available:
Unknown
Creative Commons:
No

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