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Kenji is attempting to learn French.He is seated in a library with headphones on,listening to classical music,as he stares at a textbook and tries to memorize French words.In a single moment,a new song comes on that Kenji particularly enjoys,and he suddenly finds it easier to remember the French words he is looking at.In this moment,the French words are being processed by Kenji's _____,while the music is being processed by Kenji's _____.
Market Failure
When the free market's distribution of goods and services is inefficient, it typically results in a reduction of societal welfare.
Inefficient Allocation
A situation where resources are not used in the best possible way, often leading to waste or unmet needs.
Negative Externality
An undesirable outcome of an economic activity that affects third parties who did not choose to incur that cost or benefit.
Air Pollution
The presence of substances in the atmosphere that are harmful to human health, the environment or cause climate change.
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