The Four Specific Sources of Market Failure Are

question 44

Multiple Choice

The four specific sources of market failure are

• A)Public goods,market power,externalities,and inequity.
• B)Private goods,market power,externalities,and inequity.
• C)Public goods,market goods,externalities,and inequity.
• D)Private goods, market goods, externalities, and inequity.

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Definitions:

Liable

Refers to being legally responsible for something, typically requiring compensation or remedy for damages caused.

Misrepresentation

A false statement of fact made by one party to another, which has the effect of inducing that party into the contract.

Ratification

The adoption of a contract or act of another by a party who was not originally bound by the contract or act.

Breach

The violation or infringement of a law, agreement, or code of conduct.