财税专业英语考试大题参考资料.pdfVIP

1（一）市场不完善:指市场不能有效率运转的情况（即不完全有效率市场）。价格无法反映公开的所有信息，

并可能受垄断行为或政府控制的影响。

Marketfailure:Whenamarketfailstooperateefficiently(inefficientmarket).Pricesdonot

reflectallpubliclyavailableinformation,andmaybeinfluencedbymonopolisticpracticesor

governmentregulations.

（二）Marketfailure

Lastchapterconcludedthatmarketsfunctionwell,marketsbringaboutanefficientallocationofresourceswithoutany

needforcoordinationthroughgovernmentintervention.Forthisconclusion,wemadeseveralassumptionsabouthow

marketswork.Whentheseassumptionsdonothold,ourconclusionthatthemarketequilibriumisefficientmayno

longerbetrue.Inthischapter,letconsiderbrieflythreeofthemostimportantoftheseassumptions.

First,ouranalysisassumedthatmarketsareperfectlycompetitive.Intheworld,however,competitionis

sometimesfarfromperfect.Insomemarkets,asinglebuyerorseller(orasmallgroupofthem)maybeabletocontrol

marketprices.Thisabilitytoinfluencepricesiscalledmarketpower.Marketpowercancausemarketstobeinefficient

becauseitkeepsthepriceandquantityawayfromtheequilibriumofsupplyanddemand.

Second,ouranalysisassumedthattheoutcomeinamarketmattersonlytothebuyersandsellersinthatmarket.

Yet,intheworld,thedecisionsofbuyersandsellerssometimesaffectpeoplewhoarenotparticipantsinthemarketat

all.Pollutionistheclassicexampleofamarketoutcomethataffectspeoplenotinthemarket.Suchsideeffects,called

externalities,causewelfareinamarkettodependonmorethanjustthevaluetothebuyersandthecosttothesellers.

Becausebuyersandsellersdonnottakethesesideeffectsintoaccountwhendecidinghowmuchtoconsumeand

produce,theequilibriuminamarketcanbeinefficientfromthestandpointofsocietyasawhole.

Third,allmarketparticipantshavethesam