Examlex
Which of the following is considered the most conventional and established?
Externalities
Consequences of an economic activity experienced by unrelated third parties; can be positive or negative.
Market Failure
A situation where the allocation of goods and services by a free market is not efficient, often justifying government intervention.
Pollution
The contamination of the natural environment by harmful substances, leading to adverse health effects and environmental damage.
Market Failure
A situation where the allocation of goods and services by a free market is not efficient, often leading to a net societal welfare loss.
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