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Explain difference between private costs and social costs

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Reference no: EM132299988

Questions: The minimum number of words should be 200.

1. Explain how asymmetric information in a product market can lead to market failure.

2. Give an example that illustrates the difference between private costs and social costs.

3. Consider two types of divorce laws. Law A allows either the husband or the wife to obtain a divorce without the other person's consent. Law B permits a divorce only if both parties agree to it. Will there be more divorces under law A or law B, or will there be the same number of divorces under both laws? Why?

4. People have a demand for sweaters, and the market provides sweaters. There is evidence that people also have a demand for national defense, but the market does not provide it. Why doesn't the market provide national defense? Is it because government is providing national defense and therefore there is no need for the market to do so? Or is it because the market can't provide it?

5. Give an example of each of the following: (a) A good that is rivalrous in consumption and is excludable, (b) A good that is nonrivalrous in consumption and is excludable, (c) A good that is rivalrous in consumption and is nonexcludable, and (d) A good that is nonrivalrous in consumption and is nonexcludable.

6. Explain how both an emission tax and tradable pollution permits system can reduce pollution.

Reference no: EM132299988

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