Unit 2.8(2): Market failure - merit goods and demerit goods

IB Economics: Unit 2.8(2): Market failure - merit goods and demerit goods

Merit goods, demerit goods and public goods are all associated with significant market failure. When this happens there is an important role for state intervention to correct these market failures. The concepts of merit, demerit goods and public goods was developed extensively by Professor Richard Musgrave (UCLA).The link to the attached pdf is revision material from Unit 2.8(2): Market failure - merit goods and demerit...


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