19. In a particular market there are social costs that are greater than private costsWhat type of failure is this market experiencing ?Market imperfectionPublic goodsExternalitiesEconomics of scale 25. Which of the following is a main route by which developing countries have sought to obtain the benefits of industrialisation?Export substitutionImport-led grotwhImport sustitutionProtectionism

A plant can also face social costs. Social costs are those costs that society has to bear because of…

Answered: In a particular market there are social…

In a particular market there are social costs that are greater than private costs What type of failure is this market experiencing ? Market imperfection Public goods Externalities Economics of scale

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter19: The Macroeconomic Perspective

Section: Chapter Questions

Problem 32P: In 1980, Denmark had a GDP of 70 billion (measured in U.S. dollars} and a population of 5.1 million....

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Concept explainers

Market Equilibrium and Failure

The economy of a country or any place depends on the market demand and market supply of goods and services.

Question

19. In a particular market there are social costs that are greater than private costs

What type of failure is this market experiencing ?

Market imperfection
Public goods
Externalities
Economics of scale

25. Which of the following is a main route by which developing countries have sought to obtain the benefits of industrialisation?

Export substitution
Import-led grotwh
Import sustitution
Protectionism

Definition Definition Total cost incurred by the producers of goods and services as well as anyone who is impacted by the production of the commodity in terms of external cost.

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