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Market failure occurs when optimal production outcomes are not achieved, often due to externalities, public goods, imperfect competition, lack of information, and income inequality. Externalities can create social costs and benefits that are not reflected in market prices, while public goods are underprovided due to their non-excludable and non-rivalrous nature. Government intervention through regulations, taxes, and subsidies is often necessary to correct these market failures and promote social welfare.

Author

zubeidam3

Language

EN