Market failures occur when:
A) the government sets price floors and ceilings.
B) the competitive market system under- or overallocates resources to production of goods.
C) there are no externalities.
D) goods are rival in consumption.

Name: Market failures occur when: A) the government sets price floors and ceilings. B) the competitive market system under- or overallocates resources to production of goods. C) there are no externalities. D) goods are rival in consumption.
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Question

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The Answer is B

Market Failures Occur When