Dentists may undertake non-essential dental work on patients. A likely explanation for this is:

When consumers over-estimate the private benefit of consuming a good or a service, it is likely that the product will be

When fakes are introduced in an antiques market is the likely that

Which is NOT a possible method of overcoming asymmetric information?

In an auction, the winners' curse is less likely to happen when

Calls are growing for high sugar drinks to be taxed to curb rising obesity. This suggests that sugary drinks are:

US food authorities may intervene to reduce the artificial transfats found in processed foods. The most likely intervention is:

In the insurance industry, high-risk customers are more likely to take out insurance. This is an example of:

In which situation might the buyer usually have better information than the seller?

An employers insists that all job applicants complete psychometric testing - this is an example of

Which one of the following distinguishes merit goods from public goods?

A pure public good (or service) is always

Left to the free market, Good X would not be produced at all. Yet the production and consumption of at least some of Good X increases the welfare of society. Good X is most likely to be a

Complete market failure always exists when

A good is excludable if