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SingaporeEconomicsQuick questions
Market Failure and Intervention
Quick questions on Sources of market failure explained: H2 Economics
4short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is allocative efficiency?Show answer
A market allocates resources allocatively efficiently when it produces the combination of goods that maximises society's welfare. The condition is:
What is q1?Show answer
Define market failure. [2 marks]
What is q2?Show answer
State the condition for allocative efficiency and explain it. [3 marks]
What is q3?Show answer
Name three sources of market failure. [2 marks]
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