Each instance that follows is an example of one of the f
Question and Solution
Each instance that follows is an example of one of the four types of market failure discussed in this chapter. In each c
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Each instance that follows is an example of one of the four types of market failure discussed in this chapter. In each case, identify the type of market failure and defend your choice briefly. a. An auto repair shop convinces you that you need a $2,000 valve job when all you really need is an oil change. b. Everyone in a neighborhood would benefit if an empty lot were turned into a park, but no entrepreneur will come forward to finance the transformation. c. A bar opens next to your apartment building and plays loud music on its patio every night until 4 A.M. d. The only two airlines flying direct between St. Louis and Atlanta make an agreement to raise their prices.
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