AQA Economics AS - Functions of prices

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Quiz by EvanRoberts
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Last updated: November 27, 2016
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First submittedNovember 27, 2016
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Average score75.0%
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Hint
Answer
What are the four functions that prices perform?
Signalling
-
Incentive
-
Rationing
-
Allocative
Market failure occurs when a market supply the wrong '_______' of a good
Quantity
A situation in which there is no market because the functions of prices have broken down is a '______' market.
Missing
What is the minimum amount of the price functions that need to break down for market failure to occur?
One
Negative externalities such as pollution cause market '______'
Failure
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