Market failure refers to a situation in which the market does not allocate resources efficiently.
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Q16: An individual deciding how to allocate her
Q17: A marginal change is a small incremental
Q18: Scarcity means that there is less of
Q19: An increase in the marginal cost of
Q20: Because resources are scarce, a society cannot
Q22: Inflation increases the value of money.
Q23: One way that governments can improve market
Q24: The invisible hand ensures that economic prosperity
Q25: To say people respond to incentives means
Q26: One of the effects of gas prices
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