What Does the Term Market Failure Mean

question 131

Multiple Choice

What does the term market failure mean?

• A)The inability of markets to ensure that people get what they want.
• B)The inability of markets to ensure that an efficient or equitable allocation of resources is attained.
• C)The inability of the government to ensure that productive or allocative efficiency is attained.
• D)The inability of the government to ensure that people get what they want.

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Definitions:

Animal Misbehavior

Actions or behaviors exhibited by animals that are not in alignment with the expected or trained responses, often from the perspective of human observers or trainers.

Instinctive Drift

When operant behavior deteriorates despite continued reinforcement due to the elicitation of instinctive behaviors.

Behavior Systems Approach

A theoretical perspective emphasizing that behavior is organized into systems that are adapted for specific functions or goals, influenced by evolutionary history and current environmental circumstances.

Operant Conditioning

A learning process through which the strength of a behavior is modified by reinforcement or punishment.