Society often turns to the government to correct a market failure.

Name: Society often turns to the government to correct a market failure.
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Question

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Market failures occur when the allocation of goods and services by a free market is not efficient, often leading to negative externalities, public goods issues, or monopolies. Society and policymakers turn to government interventions, such as regulations, taxes, or subsidies, to correct these failures and improve overall welfare.

Society Often Turns to the Government to Correct a Market