Which of the following situations is the most precise illustration of a complete market failure (resulting in a missing market), as opposed to a partial market failure?
A chemical plant discharging toxic waste into a local river, causing a degradation of water quality for downstream fisheries without compensating them.
An agricultural cooperative being unable to establish a commercially viable market for regional flood-mitigation drainage basins due to the free-rider problem.
A private health insurance provider raising premiums to a level where only high-risk individuals purchase policies, leading to a thin market.
A dominant telecommunications firm setting prices significantly above marginal cost, leading to under-consumption of high-speed broadband services.
