(a) Outline and explain in detail four types of market failure. What types of problems do...

(a) Outline and explain in detail four types of market failure. What types of problems do market failures give rise to in the economy? Please give an example for each of the market failures you have outlined. Diagrams are not required in this question. 30 marks

(b) Does market failure automatically mean that the government should intervene to deal with the problem? Explain your answer. This question refers to market failure as a whole and not to a particular type of market failure.10 marks

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Rahul Sunny answered 1 week ago

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