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What is Market Failure about?

Market failure occurs when the production or consumption of goods leads to external costs or benefits affecting third parties, resulting in inefficient resource allocation. Causes include the under-provision of public goods, over-provision of demerit goods, and monopoly power, while consequences can lead to negative impacts on society and the environment. Understanding private and social costs and benefits is crucial in addressing market failures and ensuring efficient economic outcomes.

Author

edmund.saragih.student

Language

EN