Define market failure and explain the situation where the market mechanism operates inefficiently. Do you think that indigenous Australians also faced the issue of market failure? Choose one real-life example of market failure (negative externality) as your case study. Identify the type of market failure in your case study. Examine your examples on the presence of market failure which involves socially unacceptable market outcomes. Discuss how market failures in your example can be corrected. Using an economic theory develop a policy that will mitigate or correct this market failure. Use diagrams to illustrate your proposed policy