1.3 Market Failure
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4 Terms
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Market failure
When resources in a free market are inefficiently allocated due to imperfections in the market mechanism
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Partial market failure
When a market for a good/service exists but the level of production and consumption is non-optimal
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Total market failure
When a good/service is desired by society but there is no market supplying the good to meet demand
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Causes of market failure
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