Examine the four kinds of market failures that lead to government involvement in public policy. For each type of market failure, discuss the following: (a) the nature of the failure, that is, what it looks like and how it occurs; (b) an illustrative example; and (c) the way in which government may address the failure.

What will be an ideal response?

Monopolies: when one person or company controls and dominates the market, many examples are possible, and all examples should show dominance by one company.