What is Market Failure? Under what conditions can the market fail?

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Market Failure occurs when the allocation of goods and services by a free market is not efficient. In a perfectly competitive market, resources are allocated in such a way that maximizes total societal welfare. However, market failures arise when this ideal condition is not met, leading to inefficiencies.

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Degree : BACHELOR DEGREE PROGRAMMES
Course Name : BACHELOR OF ARTS
Course Code : BAG
Subject Name : Principles of Microeconomics-II
Subject Code : BECC 132
Year : 2024 2025