What is the definition of a market failure? Why do they occur?
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What is the definition of a market failure? Why do they occur?
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A market failure is a situation in which the market does not allocate resources efficiently This can happen for a number of reasons including Externalities Externalities are costs or benefits of an ec...View the full answer
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Related Book For 
Economics An Introduction To Traditional And Progressive Views
ISBN: 9780765616685
7th Edition
Authors: Howard J. Sherman, E. K. Hunt, Reynold F. Nesiba, Phillip A. O'Hara, Barbara A. Wiens-Tuers
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