Economists Use the Term ______ to Refer to a Situation

question 159

Short Answer

Economists use the term ______ to refer to a situation in which the market on its own fails to produce an efficient allocation of resources.

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Definitions:

Complex Fraction

A complex fraction is a fraction in which the numerator, the denominator, or both contain fractions themselves.

Simplify

The process of altering an expression to make it easier to work with, often by combining like terms or using mathematical properties.

Division

A mathematical operation represented by the symbol ÷ or /, involving the process of dividing one number by another.