Discuss the Five Forms of Market Failure

question 14

Essay

Discuss the five forms of market failure.

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Definitions:

Pollutants

Substances introduced into the environment that cause harm or discomfort to living organisms or damage to the natural resources.

Federal Insecticide, Fungicide, and Rodenticide Act

A United States law that sets up the basic U.S. system of pesticide regulation to protect applicators, consumers, and the environment.

Pesticides

Pesticides are chemical or biological agents used to control insects, weeds, fungi, or other pests on crops and in other settings.

Clean Air Act

A significant federal law in the United States aimed at controlling air pollution and maintaining air quality.