How Do the Concepts of Market Failure and Failure of Market

question 9

Multiple Choice

How do the concepts of market failure and failure of market outcome relate to the concept of economic efficiency?

• A) Market failure means the economy is not economically efficient; failure of market outcome could happen even if the economy is economically efficient.
• B) Failure of market outcome means the economy is not economically efficient; market failure could happen even if the economy is economically efficient.
• C) Both market failure and failure of market outcome mean that the economy is not economically efficient.
• D) Both market failure and failure of market outcome could happen even if the economy is economically efficient.

---

Definitions:

Scattered

Randomly dispersed or spread out, often used to describe a lack of concentration or organization in thoughts or physical items.

Color Perception

the process by which the brain interprets and assigns colors to visual stimuli based on the wavelengths of light that objects reflect or emit.

Peripheral Vision

The area of visual field that lies outside the central area of focus, enabling one to see objects and movement outside of the direct line of sight.

Low Light Conditions

Low light conditions refer to environments with minimal illumination, which can challenge visual perception and activities.