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Someone who lives in an apt. buys a wayne newton cd and then

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Identify each type of market failure and defend it briefly:

1. An auto shop convinces you you need a $2,000 valve job when all you need is an oil change.

2. The only two airlines flying direct between St. Louis and Atlanta make an agreement to raise prices.

3. Everyone in the neighborhood would benefit if an empty lot were transformed into a park, but no entrepeneuer will finance the development.

4. Someone who lives in an apt. buys a Wayne Newton CD and then blasts it at full volume at 3am.

Reference no: EM13335153

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