A market failure occurs when:
a. the market outcome is viewed as unfair by a majority of consumers.
b. a market fails to provide the good at a zero price.
c. quantity demanded exceeds quantity supplied.
d. the market outcome is not the socially efficient outcome.
e. prices are determined by the interaction of the forces of demand and supply and not through central planning.
d
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Investment in education in the high-growth Asian economies was ________ in ________
A) low; primary schools B) high; primary schools C) low; primary and secondary schools D) high; primary and secondary schools E) high; university education
If a disequilibrium occurs in the foreign exchange market, what are possible solutions? Why might governments choose not to let the price of their currencies adjust to clear the market?