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Essay writing Question: 1.Market failures refer to situation when private market fails to allocate resources efficiently. A.Discuss the three situations in which market failure occurs.

Essay writing

Question:

1.Market failures refer to situation when private market fails to allocate resources efficiently.

A.Discuss the three situations in which market failure occurs.

B.For each situation explain why private firms fail to allocate resources efficiently.

C.For each situation how government intervention can enhance efficiency.

(One question but 3 parts)

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