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Describe at least three reasons why market failure occurs.
Legal Responsibility
The obligations entities have to act within the law, fulfilling duties and facing consequences for actions as required by legislation.
External Regulations
Rules, laws, or standards set by external bodies, such as government agencies, that organizations must comply with.
Law Compliance
The act of adhering to local, national, or international laws and regulations relevant to one's actions or business operations.
Economic Responsibility
The obligation of an organization to contribute to economic development while improving the quality of life of its workforce and the community.
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