Market failures include or spillovers, and goods.
Question
Market failures include or spillovers, and goods.
Solution
Market failures include externalities or spillovers, and public goods.
Step 1: Understanding the terms
Externalities or spillovers: These are costs or benefits that affect a party who did not choose to incur that cost or benefit. They can be positive (benefits) or negative (costs). For example, pollution from a factory can negatively affect the health
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