Economists Use the Term ______ to Refer to a Situation

question 159

Short Answer

Economists use the term ______ to refer to a situation in which the market on its own fails to produce an efficient allocation of resources.

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Definitions:

Premarital Cohabitation

The practice of living together and having a sexual relationship without being married.

Substitute Marriage Cohabitation

A living arrangement in which a couple shares a household and life together but is not legally married.

Dating Cohabitation

The state of living together and being involved in an intimate relationship without being married.

Inertia Effect

The tendency of an object or process to continue in its current state, whether at rest or in motion, unless acted upon by an external force.