Market Failures (3): Negative Externality from Consumption, Rent Seeking, & Lobby
After this lesson you will be able to…
- Understand negative externalities from consumption and their societal impact.
- Learn to distinguish between private and social demand curves on a graph.
- A simple visual trick to correctly identify the deadweight loss triangle.
- Discover why firms oppose policies that reduce deadweight loss to save profits.
- How industries resist safety regulations to protect their profits.
- Understand rent seeking and how lobbying leads to inefficient market outcomes.
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(0)Explore the economics of demerit goods and negative externalities from consumption. Learn how private and social demand curves interact, how to identi...
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demerit_goods_quiz
An economics quiz assessing knowledge of negative externalities, demerit goods, and related market concepts.