ECO206Y1 Study Guide - Midterm Guide: Kripa, Programmable Calculator, Tax Preparation In The United States

Problem 3: Markets and Regulation.

(a) Name 3 reasons for market failure.

(b) Name 2 reasons for government failure.

(c) Name 2 reasons in support of state regulation instead of national regulation.

(d) Name 2 reasons in support of government regulation instead of state regulation.

(e) Name 3 sources of inefficiency of monopolies.

(f) Name 2 sources of inefficiency of competitive markets.