What is meant in general by the term "market failure"?

Marketing Dec 25, 2020

Expert Solution

Market failure is the condition when the economy fails to achieve equilibrium. Individuals in the economy work to fulfill their self-interest, but often when all the self-interests are combined it does not result in group efficiency in the market as a whole. This results in market failure. Some of the factors that result in a market failure are negative externality, imperfect information, public goods, and more.

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