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Describe the general goals and reasons for using biological therapies, Also, identify three types of biological therapy and briefly describe the reasons for using them, their effectiveness, and the disadvantages associated with using them.
Imperfect Markets
Markets that do not meet the strict criteria of perfect competition, often featuring barriers to entry, information asymmetry, or monopoly power.
Extraordinary Hazards
Uncommon and severe risks that are not typically encountered in the ordinary course of business or daily life.
Technological Progress
The improvement or innovation in technology, leading to more efficient processes, products, or methods.
Farm Price Support
Government policies designed to maintain or increase the market price of agricultural products through mechanisms such as subsidies or purchase commitments.
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