In compensating for the failure of markets to supply public andmerit goods, central and local government can intervene.…

With education, few students will know with any precision the benefit to themselves of being educated,…

Economic theory predicts that while markets may form to supply some merit goods, total supply…

The market for merit goods is an example of an incomplete market. Merit goods have two basic characteristics: Firstly,…

In the UK, turnpikes were an increasingly common way of paying for the maintenance costs…

The market for quasi-public goods is an important example of an incomplete market. A quasi-public…

An incomplete market is one where some of the necessary conditions for market formation exist,…

The market mechanism is likely to fail to supply pure public goods because entrepreneurs are…

A significant market failure is the failure to produce some goods and services, despite being…

Economics is the scientific study of the ownership, use, and exchange of scarce resources - often shortened…