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1.3.1 Types of market failure
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What Is Market Failure?

What Is Market Failure?

Market failure occurs when the free market allocates resources inefficiently, so society's welfare is not maximised. In a free market, buyers and sellers usually consider only their own private costs and benefits.

1.3.1 Types of market failure Lesson

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

Step-by-step lessons covering Edexcel A A Level Economics 1.3.1 Types of market failure for A Level Economics. Each lesson works through exam-style questions in Paper 1, Paper 2 and Paper 3 format. Start with the core supply-and-demand models before moving on to the more evaluation-heavy macroeconomic policy topics.