Market failure is a common topic on A-level exam papers. It is often seen as a challenging topic when first encountered as it requires both a deep and wide understanding of the course. When answering questions on this topic, you need to be clear why the particular market has failed to allocate resources efficiently, what methods are potentially available to solve the market failure and also whether or not intervention in order to solve the market failure is justifiable.
Market failure is quite a large part of the syllabus and covers numerous subtopics. It is frequently a matter for debate in UK government policy. Examples of current issues relating to market failure include:
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