For example, when explaining in detail why emission trading is more likely than regulation to be more efficient, the explanation should focus on the incentives of each. Market failure can occur for various reasons. Therefore, to stabilise food supply and farm incomes, the government have intervened. As farmers had a guaranteed minimum price, it created an incentive for them to produce as much as possible. In an unregulated market producers act in their own self-interest so take account only of their private costs and benefits (so produce at Qmarket where PMC + MB intersect). As a result, the government uses public funds to give a subsidy to the steel plant and keep the firm in business. Tax revenue was used to buy surplus food that was not needed. The indicators below apply to all causes of market failure being studied but to aid understanding examples from negative production externalities have been included. A new highway may be a popular political idea in the short-term by residents keen to beat traffic jams.
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