Government Intervention in the Price System

Meaning of Market Failure

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  • Market Failure
    • MK fails to achieve what is expeted.
    • MF= a market performance that is judge to be good than the best possible performance
    • It is not that nothing good has occurred
    • Untitled
    • Market Fails to achieve social goal like...
      • income is not equally distributed
      • Preservation of values
      • no pollution
    • under production, point of production lies inside the PPC
    • Output is not at desirable income
    • No social optimum of output
    • No optimality, market Fails to achieve economic effiency


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