A Market Failure Arises When an Entire Sector of the Economy

question 128

True/False

A market failure arises when an entire sector of the economy (for example, the airline industry)collapses because of some unforeseen event.

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Definitions:

Criminal Law

The body of law that relates to crime and punishment, defining offenses and setting penalties for violations.

Public Law

The body of law that governs relationships between individuals and the government, as well as relationships between individuals that are of direct concern to society.

International Law

A body of rules established by custom or treaty and recognized by nations as binding in their relations with one another.

Objectionable Material

Content deemed inappropriate or harmful by an authority or general consensus, often subject to censorship or restriction.