dolution

 

Study Exercises

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Make the grade with MyLab Economicsâ„¢: All Study Exercises can be found on MyLab Economicsâ„¢. You can practise them as often as you want, and many feature step-by-step guided instructions to help you find the right answer.

 

Fill-in-the-Blank

1. Fill in the blanks to make the following statements correct.

 

a. The “formal defence” of free markets is that, if all markets were perfectly competitive, then prices would equal __________for all products and the economy would be __________.

 

b. The “informal defence” of free markets is based on the following three central arguments:

 

§  _________

 

§  _________

 

§  _________

 

 

c. A situation in which the free market, in the absence of government intervention, fails to achieve allocative efficiency is called __________.

 

d. There are four major market failures that, in principle, justify government intervention in markets. They are:

 

§  _________

 

§  _________

 

§  _________

 

§  _________

 

 
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