Market Power and Externalities Are Two Possible Causes of Market

question 187

True/False

Market power and externalities are two possible causes of market failure.

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Definitions:

Productivity

A measure of the efficiency of a person, machine, factory, system, etc., in converting inputs into useful outputs.

Education

The process of facilitating learning, or the acquisition of knowledge, skills, values, beliefs, and habits through various means.

Irrigation Systems

Networks of tubes, pumps, and canals used to transport water to agricultural crops to enhance growth when rainfall is not sufficient.

Power Generators

Machines or devices that transform various forms of energy into electrical power.