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Market failure is when the price mechanism leads to an inefficient allocation of resources and a loss of economic welfare. One example of market failure is Public Goods. These are non-excludable and will ...

Explain Utility - satisfaction from consuming good
Indifference curve- shows all combination of 2 goods which give consumer equal utilityDraw Indifference curve with examples.- explains why consumer...

In Economics, externalities occur when producing or consuming a good/service causes an impact on third parties not directly related to the transaction. These impacts can be both positive or negative. Grap...

The Phillips curve, derived by William Phillips in the 1950s, describes the relationship between unemployment and inflation. By plotting annual figures against each other, an inverse relationship was seen...

Market failure is defined as a misallocation of resources, and essentially entails that market forces are not operating effectively through the price mechanism to distribute goods and services from suppli...