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Which of the following is an example of a market failure: a) There are not enough tickets available to concerts of extremely popular performers and artists
Which of the following is an example of a market failure:
a) There are not enough tickets available to concerts of extremely popular performers and artists.
b) The price of medical care has risen dramatically as a result of the introduction of sophisticated equipment and procedures.
c) Successful public schools provide benefits to the students who attend them, as well as to the community as a whole including those who don't go to those public schools.
d) Extensive decreases in the prices of electronic equipment resulted in large numbers of bankruptcies in the computer industry.
Expert Solution
The correct option is: c) Successful public schools provide benefits to the students who attend them, as well as to the community as a whole including those who don't go to those public schools.
Explanation:
The example of market failure from the above statement is indicated in the option c) "Successful public schools provide advantages to the students who attend them, as well as to the community as a whole including those who don't go to schools". It shows the improper supplies of product or services, which will cause a free-rider problem.
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