When Markets Do Not Perform Their Expected Functions It Is

question 50

True/False

When markets do not perform their expected functions it is called market failure.

---

Definitions:

Gustation

The sense of taste, or the act of discerning flavors through receptors in the mouth.

Olfaction

The sense of smell, a chemical sense in which odorants are detected by olfactory receptors.

Retina

The light-sensitive layer of tissue at the back of the inner eye, which converts light into electrical signals sent to the brain via the optic nerve.

Light-Sensitive Film

A type of photographic film that reacts chemically to light exposure, capturing images based on the intensity and quality of light.