The four specific sources of market failure are

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The four specific sources of market failure are public goods, market power, externalities, and inequity. Public goods are non-excludable and non-rivalry goods that the market fails to provide optimally. Market power refers to the ability of a single buyer or seller to exert influence over the market price of a good or service. Externalities occur when the production or consumption of a good or service affects the well-being of individuals who are not involved in the market transaction. Inequity refers to the unfair distribution of goods and services in the market, where some individuals may be unable to afford necessary goods or services while others have excess resources beyond basic needs.

The Four Specific Sources of Market Failure Are