Business, 18.01.2021 14:00 andrewsocold

Loggers are much likely to supply wood to the market if property rights are not enforced. Classify the source of market failure in each case listed.

a. A house party plays music at a very high volume, disturbing other residents in the neighborhood.
b. A single public utilities company is responsible for supplying electricity for an entire state. As a result, the utilities company can set the price of electricity.

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Answer from: jetblackcap

Loggers are much more likely to supply wood to the market if property rights are not enforced.

When property rights are not well enforced, ownership of the resource is not well defined either. This will lead to more people taking advantage of the resource like the loggers above. They will supply more wood because the ownership of their resource source is not well defined.

Options for the 2 questions below are Market Failure or Externality.

a. A house party plays music at a very high volume, disturbing other residents in the neighborhood. EXTERNALITY.

This is a negative externality. Negative externalities are when third parties suffer negative consequences as a result of transactions that they are not a party to. The neighbors are not playing music but it is disturbing them.

b. A single public utilities company is responsible for supplying electricity for an entire state. As a result, the utilities company can set the price of electricity. MARKET POWER.

The Utility company is not facing competition in this state and so can set the price it wants. This can lead to market failure simply because the company would have too much market power.

Answer from: Quest

This is true for sure

Answer from: Quest

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Loggers are much likely to supply wood to the market if property rights are not enforced. Classify...

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