Defining Market Failure

how do you define market failure? if i were to say that market failure refers to the free market being unable to achieve economic(allocative and productive) efficiency in the absence of govt intervention then for the case of income inequality, is it considered a market failure? (given that the market does allocate resources efficiently except that it isn’t a satisfactory allocation. :/

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Questions to Prepare You for The A Levels

Edit as of 4 Oct, 2pm: I have already received one complete response to ALL the missions and I have provided detailed feedback for the student. What are you waiting for? 🙂

Thanks for the survey responses so far! They have been very illuminating. Please fill one up if you have not and help me get a better idea of what resources to create for you.

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