State the definition of a market failure found in the slides.

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State the definition of a market failure found in the slides.

 

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State the definition of a market failure found in the slides.
What is a market failure quizlet?
Market Failure: When a market fails to produce efficient outcomes, and in particular, the failure of the price mechanism to achieve an optimum allocation of resources. – occurs when social costs and benefits are not reflected in the market price, and the market mechanism does not these cost and benefits.