Overview I. Market failure a Market power Externalities Public goods a Incomplete Information Rent seeking III. Government Policy and International Markets a Quotas Tariffs ■ Regulations Michael R Baye, Managerial Economics and Business Strategy, 3e. CThe McGraw-Hill Companies, Inc, 1999Michael R. Baye, Managerial Economics and Business Strategy, 3e. ©The McGraw-Hill Companies, Inc. , 1999 Overview I. Market Failure  Market Power  Externalities  Public Goods  Incomplete Information II. Rent Seeking III. Government Policy and International Markets  Quotas  Tariffs  Regulations