Market Failure And Government Failure

Market Failure And Government Failure

Answer in 150 words or more.  Only use the attached Chapters 5 and 6 for reference.

 

What is the difference between market failure and government failure? 

 

Is it difficult for markets to allocate scarce resources efficiently on its own?  

 

What are some of the problems the political system faces in overseeing markets

 

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