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What is Understanding Market Failure Concepts about?

Market failure occurs when the free market does not allocate resources efficiently. There are several types of market failures: externalities, where the actions of individuals impose costs or benefits on others; public goods, which are non-excludable and non-rival; imperfect information; and monopoly power. Sources of market failure include external costs and benefits from pollution, imperfect knowledge, immobile resources, inadequate provision of merit and public goods, and inequality in income distributio

Author

cjsamaroo

Language

EN