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start april 9 notes

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Anthony Fadly 1 year ago
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### March

- [March 2 - Cost of Production](mar2-cost-production.md)
- [March 10](mar20.md)
- [March 10](mar20.md)

### April

- [April 9 - Efficiency](apr9-efficiency.md)

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# April 9 Efficiency

**Market failure** is an inability of a market to find an efficient solution

Pollution is a market failure

A **public good** is nonrival and nonexcludable

- A good is **nonexcludable** if it is not possible to prevent others from consuming it

- A good is **nonrival** if one person's consumption of the good does not make it impossible for others to consume it.

Problems with public goods

- **The Tragedy of the Commons** is that nonexcludable but rival goods become
overused

- The **drop in the bucket problem** is when

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