​Examples of Market Failure Include Lack of Competition, Externalities, Public

question 163

True/False

​Examples of market failure include lack of competition, externalities, public goods, and income inequality.

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Definitions:

Equitable Treatment

Equitable treatment involves fair and unbiased interaction with individuals, ensuring justice and equality in opportunity, rights, and access.

Self-Actualization Needs

The highest level in Maslow's hierarchy of needs, involving the realization of an individual's potential, self-fulfillment, seeking personal growth and peak experiences.

Salaries

Regular payments made by employers to employees for work performed over a specified period, typically monthly or biweekly.

Health Insurance

A type of insurance coverage that pays for medical and surgical expenses incurred by the insured, often including preventative healthcare services.