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Market failure is the failure of markets to achieve allocative efficiency. The market failure in healthcare industry is caused by several factors like the failure to take into account positive externalities (the external benefits occur when third parties benefit from the consumption/provision of the service), consumers not being the best judge of their own welfare

Introduction Monopolistic competition is a market structure where there are many firms selling a differentiated product and entry barriers are low. This structure gives rise to particular firm behaviour and performance. The behaviour of a firm pertains to price and output determination, manner of competition and tendency to engage in R&D. The performance of  a

Synopsis: Students are expected to provide detailed illustration of how various protectionistic measures, such as tariff and quota, can be implemented by developed countries to correct the BOP deficit. Adequate limitations of such measures in correcting BOP deficit must be discussed, especially the issue of loss of CA by developed nations. Students are to provide

1) Explain causes of falling interest rates and rising labour productivity briefly Falling interest rates: Since the MAS targets Singapore’s exchange rate as their primary monetary policy tool, they give up control over the interest rate. Two things affect the interest rate in Singapore which has a very open economy with a well-developed financial system: