Syllabus 9757

market failure

Everything you need to master this topic for your Economics examinations.

Quick Revision Flashcards

Define Market Failure.

Define Productive Efficiency (from society's view).

Define Allocative Efficiency.

What is Pareto Optimality?

Define Marginal Private Cost (MPC).

Define Marginal Private Benefit (MPB).

Define Marginal External Cost (MEC).

Define Marginal External Benefit (MEB).

Define Marginal Social Cost (MSC).

Define Marginal Social Benefit (MSB).

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How to Master market failure for Economics 9757

Mastering market failure is critical for scoring an A in your Economics exams. This topic frequently appears in both Essay questions and Case Study Questions (CSQ). Students should focus on:

  • Understanding the core theoretical framework and assumptions.
  • Being able to draw accurate, well-labeled diagrams that illustrate key concepts.
  • Developing strong evaluation points, such as limitations of theory and real-world applicability.
  • Practicing with model answers to understand the structure required for high-mark questions.

Use EconStack's resources to bridge the gap between understanding and application. Our model essays include step-by-step breakdowns of how to answer complex 10-mark and 15-mark questions on market failure.