In the Chris Tilly article, "Shaking the Invisible Hand", on a preceding page, pick one of the eight "Tilly Assumptions" and:

In the Chris Tilly article, "Shaking the Invisible Hand", on a preceding page, pick one of the eight "Tilly Assumptions". Perhaps you will want to select the assumption that stands out to you as the most critical assumption for our time, and:

a.) describe market failure using a mainstream textbook economic definition to guide your description concentrating on market failure as an outcome of market power; that is, how exactly does market power deviate from competitive markets on the bases of socially optimal outcomes (price, deadweight loss and output, allocative and productive efficiency, etc). Cite the source of the definition of market failure you're using by placing the source and location of that definition in parenthesis e.g. (Stone, p. 65) or (Khan Academy, Perfect Competition video, 2:05).

b.) Explain how, if the assumption you picked is violated, there is the possibility of "market failure" or less than optimal economic results. A real-life example here might help with your explanation, provided the example clearly relates to your selected assumption and the resulting market failure.

c.) Also, explain reasons why you think the "Tully Assumption" you picked is or is not a realistic, reasonable market assumption based some economic evidence or example?