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What is the market failure? What are the types of market failure and how they work?...

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Economics

What is the market failure? What are the types of market failureand how they work? Is it possible to prevent market failures?How?

(You are expected to give very detailed answer andexample for each part of this question).


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Market failure is the economic situation defined by an inefficient distribution of goods and services in the free market Furthermore the individual incentives for rational behavior do not lead to rational outcomes for the group Put another way each individual makes the correct decision for himherself but those prove to be the wrong decisions for the group In traditional microeconomics this is    See Answer
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