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Q:

Which of the following is an example of market failure?

A) Prices do not reflect the full social cost of production B) A firm goes out of business because it cannot find a market for its products
C) Prices rise so that the consumers cannot afford the products they want to buy D) Producer surplus is maximized

Answer:   A) Prices do not reflect the full social cost of production



Explanation:

Prices do not reflect the full social cost of production is an example of Market failure.

 

A market failure occurs when the supply of a good or service is insufficient to meet demand. This results in an inefficient distribution of resources among market participants.

It also occurs if externalities are not accounted for.

If a firm fails to maximize its profits this is not a general market failure.

Subject: Marketing and Sales
Exam Prep: AIEEE , Bank Exams , CAT
Job Role: Analyst , Bank Clerk , Bank PO
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What does in transit to destination mean?

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