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CLEP Microeconomics Exam Prep

Category - Microeconomics

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What occurs when resources within the market are not adequately or optimally distributed?

Marginal factor cost
Bilateral monopoly
Inelasticity
Market failure

Explanation

Answer - D - Market failure occurs when resources within the market are not adequately or optimally distributed.

Key Takeaway: Market failure is all about inefficiency. Inefficiency within the market can result from imperfect information, externalities, imperfect competition, or public goods.

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CLEP Microeconomics Exam Prep

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