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Homework answers / question archive / One cause of market failure may be the absence of clearly defined property rights
One cause of market failure may be the absence of clearly defined property rights. True or False?
The given statement is True.
The reason behind the given statement being true is that when it is not clear to the manufacturers or customers about what right they have over the land or environment, they are operating on, then they both tend to overuse such rights. And this leads to market failure.
