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Market failure
When the free market has a misallocation of resources
Types of market failure
Negative externality
Positive externality
De merit good
Merit good
Public goods
Tragedy of the commons
Income inequality
Monopoly power
Cause of market failure for Negative and Positive externality
Self interest
Cause of market failure for De merit and merit goods
Information failure
Public good cause
Free rider problem
Tragedy of the commons reason
Self interest