Markets Can Be Missing

question 59

Multiple Choice

Markets can be missing:

• A)because public policy taxes a market.
• B)when the sale of a particular service is banned.
• C)when miscommunication of information between buyers and sellers leads to the wrong equilibrium price.
• D)All of these are true.

Distinguish among different tort law objectives and how they apply in various legal situations.

Analyze the role of causation principles, including proximate cause and superseding cause, in determining liability.

Evaluate the use of the res ipsa loquitur doctrine and negligence per se as methods of establishing fault.

Recognize the legal implications of actions constituting private nuisance and how they might be addressed in tort law.

---

Definitions:

Social Trap

Situations where individuals or groups act against their long-term communal interests by pursuing short-term personal gains.

Superordinate Goals

Common goals that can only be achieved by two or more groups working together, thus promoting cooperation and reducing conflict between the groups.

GRIT

A psychological trait that describes an individual's perseverance and passion for long-term goals.

Homosexual

Pertaining to sexual attraction or sexual activity between members of the same sex or gender.