JC Economics Tuition Notes
Market Failures

In this final section of the Microeconomics theme, our economics tuition will cover the topic of Market Failures to explain why the price mechanism does not work all the time and how governments can address the challenges of market failures. During the study, you will learn to identify and comprehend various causes of market failures, such as the presence of externalities, absence of public goods and market imperfection. Then, you will examine the possible measures that can be introduced to tackle the respective causes of market failures, like the imposition of taxation or subsidies, as well as direct provision.