Any imperfection in the market mechanism that prevents optimal outcomes is known as

Name: Any imperfection in the market mechanism that prevents optimal outcomes is known as
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Market failure occurs when the market fails to allocate resources efficiently and results in suboptimal outcomes. Government failure refers to the inefficiency of government intervention in correcting market failures. External cost and public cost are consequences of market failures, not the imperfection itself.

Any Imperfection in the Market Mechanism That Prevents Optimal Outcomes