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| Words: 350 | Submitted: 25-Feb-2008
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DescriptionWhat is market failure and why does it happen?
Market Failure occurs when a free market fail to provide us with the best outcome in terms of efficiency. Firms do not allocate their resources efficiently.
Roots Of Market Failure:
• Lack of competition
• Externalities in production and consumption
• Immobility of factors of production
• Information Failure
• Poverty and inequality in an economy
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