What Are Three Major Sources of Market Failure

question 17

Essay

What are three major sources of market failure?

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Definitions:

Bailee

A bailee is an individual or entity temporarily entrusted with possession of personal property for a specific purpose, but without ownership rights.

Bailor

The owner of bailed property; the one who delivers personal property to another to be held in bailment.

Property

Assets or possessions belonging to an individual or entity, which can include physical items, real estate, intellectual property, and other rights of ownership.

Bailment

A legal relationship in which physical possession of personal property is transferred from one person to another with the understanding that the property will be returned.