A-LevelEconomicsMarket FailureMay/June 2021Paper 1 Q181 Mark
Education from 4 to 16 years of age in most developed economies is provided at zero price, financed from taxation. Why should the government do this?
AIn a free market, consumers have imperfect information so do not realise the full personal benefit of education.
BIn a free market, education is not considered to be a private good.
CIn a free market, consumers will be unwilling to pay for education.
DIn a free market, education is non-rival and non-excludable in consumption so zero output would be produced.
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The correct answer is A. This question tests the candidate's understanding of market failure within the Economicssyllabus. The examiner's mark scheme requires...
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