A Type of Good That Is Subject to Market Failure

question 67

Multiple Choice

A type of good that is subject to market failure is:

• A)a public good.
• B)a private good.
• C)an uncommon resource.
• D)None of these goods is subject to market failure.

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Definitions:

Fractions

Fractions represent parts of a whole or any number of equal parts, typically written with a numerator and a denominator, separated by a slash.

Acres

A unit of land area measurement used in the U.S. customary and imperial systems, equal to 43,560 square feet or about 4,047 square meters.

Oats

A cereal grain known for its edible seeds, often consumed as oatmeal or rolled oats, and used as livestock feed as well as in various food products.

Wheat

A cereal grain that is a staple food worldwide, used for making products like bread, pasta, and flour.