What is a market failure?

Group of answer choices

the inability of the market to allocate resources efficiently up to the point where marginal private benefit equals marginal private cost

the inability of the market to allocate resources efficiently up to the point where marginal social benefit equals marginal social cost

a breakdown in a market economy because of widespread corruption in government

a situation where an entire sector of the economy $($for example, the airline industry$)$ collapses because of some unforeseen event