10 points C eBook Print References answer two questions about externalities. Price ($) Price ($) 20 18 16 14 12 10 22 20 18 16 14 12 10 8 6 0 Market Quantity Demanded (Units per Month) 10 20 30 40 50 60 MARKET SOCIAL 10 20 30 40 50 60 70 80 Quantity Demanded (units per month) external costs Social Quantity Demanded (Units per Month) 20 30 40 50 60 70 Instructions: Enter your response as a whole number. a. Does this product have external benefits or external costs? external benefits

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Market Failure Analysis

To understand Market failure, we need to first understand welfare economics. An Italian economist, Vilfredo Pareto stated that allocation of resources in an efficient manner such that an economic change, which harms no one and makes someone better off, indicates an increase in social welfare. It is also called Pareto Optimality, where resources cannot further be reallocated without harming one. This does not apply to those economic changes, which harm some and benefit others. social welfare increases if the utility of any of its members' increases and none decrease in the economy.