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1.3.1 Types of market failure

A [     ] occurs when the free market allocates resources inefficiently, so society's welfare is not maximised. Complete market failure occurs when a market is missing and the good is not provided.

A

social optimum

B

partial market failure

C

market failure

D

complete market failure

1.3.1 Types of market failure Flashcards

  1. A Level
  2. /Economics
  3. /1.3.1 Types of market failure

Flashcards for Edexcel A A Level Economics 1.3.1 Types of market failure, covering the key terms, economic models and case studies you need to recall for Paper 1, Paper 2 and Paper 3. 23 cards, matched to the Edexcel A A Level Economics (9EC0) specification.