Which of the following is true regarding government intervention to correct market failure? a.) The government never provides public goods to correct market failure. b.) Government intervention often is worse than market failure. c.) It is easy to assign a dollar value to negative externalities. d.) The political process makes it easy for the government to correct market failures

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14-11-2022
Business

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Which of the following is true regarding government intervention to correct market failure? a.) The government never provides public goods to correct market failure. b.) Government intervention often is worse than market failure. c.) It is easy to assign a dollar value to negative externalities. d.) The political process makes it easy for the government to correct market failures

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shomerajeshwari90 shomerajeshwari90 · Answer 1 · 2022-11-19T05:09:40+01:00

The government intervention often is worse than market failure in the correct option regarding correction of market failure. So, the correct option is (b).

In terms of economics, market failure refers to a situation where there is an inefficient allocation of products and services on the open market. The individual incentives for reasonable thinking do not result in rational outcomes for the collective in a market failure.

In other terms, each person who chooses what is good for himself, but then those choices end up becoming bad for the collective. This can occasionally be demonstrated in conventional microeconomics as a stable imbalance when the quantity given is less than the quantity required. Correcting market failure issues related to public goods, outside expenses and benefits, or imperfect competition is one of the government's primary responsibilities. There is always a chance that government involvement to address market dysfunction will bring markets nearer to effective solutions.

Learn more about market failure here:

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