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  • Problem Set 2

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    Aljonh Joson Batongbacal
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    This document outlines a problem set asking the reader to: 1) Explain the concept of Pareto Efficiency, which refers to the optimal allocation of resources where it is impossible to make anyone better off without making someone else worse off. 2) Explain how imperfect knowledge, differentiated goods and services, resource immobility, market power, and inadequate provision of goods can result in market failures. 3) Discuss some measures that can be taken to correct market failures.

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    This document outlines a problem set asking the reader to: 1) Explain the concept of Pareto Efficiency, which refers to the optimal allocation of resources where it is impossible to make anyone better off without making someone else worse off. 2) Explain how imperfect knowledge, differentiated goods and services, resource immobility, market power, and inadequate provision of goods can result in market failures. 3) Discuss some measures that can be taken to correct market failures.

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    © All Rights Reserved
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    9 views1 page

    Problem Set 2

    Uploaded by

    Aljonh Joson Batongbacal
    This document outlines a problem set asking the reader to: 1) Explain the concept of Pareto Efficiency, which refers to the optimal allocation of resources where it is impossible to make anyone better off without making someone else worse off. 2) Explain how imperfect knowledge, differentiated goods and services, resource immobility, market power, and inadequate provision of goods can result in market failures. 3) Discuss some measures that can be taken to correct market failures.

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    © All Rights Reserved
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    PROBLEM SET 2: Please answer the following using the Power Point Lecture

    as Reference. However, I encourage everyone to use other references for


    depth in discussion.
    1. Explain the concept of Pareto Efficiency.
    2. Explain how the following can result in market failure:
    a. Imperfect knowledge
    b. Differentiated goods and services
    c. Resource immobility
    d. Market power
    e. Externalities (you may leave this out)
    f. Inadequate provision of goods
    g. Inequality
    3. What are some measures to correct market failure?

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