Question 7
Question 7 of 30
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No letter options?
Older MCQs might not have the typical A, B, C, D choices. They have choices 1, 2, 3, and a combination of them is the answer. Below is the key that maps such combinations to the answer.
A 1, 2 and 3 are correct
B 1 and 2 only are correct
C 2 and 3 only are correct
D 1 only is correct
Topics Tested
2. The allocation of reso...
2.10. Market failure

The key terms associated with market failure: public good, merit good, demerit good, social benefits, external benefits, private benefits, social costs, external costs, private costs.

3. Microeconomic decision...
3.7. Firms’ costs, revenue and obje...

Survival, social welfare, profit maximisation and growth.