In Part 3-2 we studied three causes of inefficiency in markets. George is the only seller of electricity in his town, and as a result he supplies a less than desirable quantity at a higher price than there would be otherwise (under perfect competition). Which type of market failure describes this scenario? Externality Friction Distortion O None of theseIn Part 3-2 we discussed how the market mechanism and economies are often the most successful in terms of real GDP per capita when compared to their counterparts. Fill in the blank Select an option v Select an option Capitalist Say Communist