Market failure is the misallocation of resources resulting in either no equilibrium or an undesirable equilibrium from the perspective of society. Is there one panacea governments can introduce to increase economic and social welfare or is it a combination of policies? Is it a given that once government wield their magic wand all is remedied or can they actually worsen the situation? How many different types of government intervention can you spot? Remember that examiners will credit candidates that use their own examples.
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