What do you mean by the term “market failure”? Give an account of the factors causing market failure? What kind of state intervention is required to address the problems associated with Monopoly Power?
Introduction Market failure occurs when the free market, operating on its own, does not allocate resources efficiently, leading to a net loss in social welfare. It indicates a situation where individual decisions driven by self-interest fail to result in socially desirable outcomes. One of the major forms of market failure is monopoly power, where a […]