Monopoly, negative externalities, high transaction costs, asymmetric information are all: A) Reasons for a tax on...
Monopoly, negative externalities, high transaction costs, asymmetric information are all:
A) Reasons for a tax on goods for which demand is inelastic
B) The result of partial equilibrium not being sustainable
C) Situations where the first fundamental theorem of welfare economics no longer applies
D) None of the above
Homework Answers
Answer: (C)
Pareto optimality conditions must be fulfilled to satisfy the first welfare theorem. The presence of asymmetric information, monopoly and externalities do not allow the Pareto optimality to exist. Thus, the first fundamental theorem violated here.
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