Question: Question 1 has Three parts ( explanation and example) Part 1 A)- What do we mean when we say markets are not pareto efficient? B)-

Question 1 has Three parts ( explanation and example)

Part 1

A)- What do we mean when we say markets are not pareto efficient?

B)- What is a market failure? What are the factors that contribute to market failure? Part 2

A- What is a public good? Give examples of a public good? B- Why should government provide public good? C- What is a free rider problem? Give some examples of government provisions giving rise to the free rider problem? What can government do about it?

part 3

A- What are externalities? Give three examples B- Provide example, of what can governments do to address the issue of externalities?

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