Be industries subject to increasing returns to scale, in which monopoly is inevitable, which carries

Large efficiency costs unless there is a collective effort to regulate. This provides an almost comprehensive

List of the sources of market failure. Some of the conventionally discussed forms of failure

Are derivable from this list. For example, externalities are a combination of lack of allocation of

Property rights, and a lack of trade in the externality itself. The deviation from marginal cost pricing

Tends to occur as a result of increasing returns to scale.

Commentary and Notes to Text 15.7.1.5

Outcome — последствие (результат)

Ubiquitous — вездесущий, повсеместный

Transactions which would need to occur — сделки (операции), которым бы следовало

Произойти

For the sake of economic efficiency — ради экономической эффективности

A deficiency of information — недостаток информации

The transaction may be deterred — сделка может быть отложена

Adversary — соперник

Property rights — права собственности

Apt in areas where utility... — склонный заниматься вопросами, в которых общественная

Полезность...

Externality — внешний аспект (воздействие)

Match the following terms with the correct definition

Work with a partner.

A) The organizational and othersm e itrsace5ghknx fo trsae4kom ac3um tfrekutr ram.ter1akM 2characteristics of a market and