Explain the two main causes of market failure and give an example of each.
Explain the two main causes of market failure and give an example of each.
发布时间：2025-03-02 10:48:27
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答案：【计分规则】: The two main causes of market failure are externalities and market power. An externality is the impact of one person’s actions on the well-being of a bystander, such as from pollution or the creation of knowledge. Market power refers to the ability of a single person (or small group of people) to unduly influence market prices, such as in a town with only one well or only one cable television company. In addition, a market economy also leads to an unequal distribution of income.
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