A situation where the market fails to allocate resources efficiently.

A situation where the market fails to produce enough goods and services.

A situation where the market fails to distribute goods and services fairly.

All of the above.

Externalities.

Public goods.

Natural monopolies.

Information asymmetry.

All of the above.

A cost or benefit that is imposed on a third party as a result of an economic activity.

A cost or benefit that is internalized by the producer or consumer of a good or service.

A cost or benefit that is shared equally by all members of society.

None of the above.

A good or service that is non-rivalrous and non-excludable.

A good or service that is rivalrous and non-excludable.

A good or service that is non-rivalrous and excludable.

A good or service that is rivalrous and excludable.

A market where there is only one supplier of a good or service.

A market where there are many suppliers of a good or service.

A market where there is no government regulation.

A market where there is perfect competition.

A situation where one party to a transaction has more information than the other party.

A situation where both parties to a transaction have the same information.

A situation where both parties to a transaction have no information.

None of the above.

They can lead to an inefficient allocation of resources.

They can lead to a fair allocation of resources.

They can lead to an efficient and fair allocation of resources.

None of the above.

Pollution.

Traffic congestion.

Climate change.

All of the above.

Government intervention.

Private sector intervention.

A combination of government and private sector intervention.

None of the above.

Taxes.

Subsidies.

Regulations.

All of the above.

Corporate social responsibility.

Philanthropy.

Voluntary agreements.

All of the above.

Identifying the market failure.

Designing an effective intervention.

Implementing the intervention.

All of the above.

To improve economic efficiency.

To promote social welfare.

To protect the environment.

All of the above.

Government intervention can be costly.

Government intervention can be ineffective.

Government intervention can create new market failures.

All of the above.

Private sector intervention can be voluntary.

Private sector intervention can be ineffective.

Private sector intervention can be costly.

All of the above.