Examlex
Who among the following was NOT a leading Whig at some point during his political career?
Market Failure
A situation in which the allocation of goods and services by a free market is not efficient, often leading to a net societal welfare loss.
Side Effects
Unintended consequences or secondary effects resulting from an action or decision, often seen in medicine, economics, and environmental policy.
Nonmarket Participants
Individuals or entities that engage in economic activities outside the formal market, often not reflected in formal economic statistics or analyses.
Externality
An outcome from economic action that affects people who are not directly involved, and this impact can be beneficial or harmful.
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