Market failures -Prevent the price system from attaining economic efficiency.
Hence, option d is correct
- Market failure describes an inefficient exchange of goods and services on the free market. In a market failure, the individual incentives for rational behavior do not produce rational outcomes for the group. Examples of market failures include negative externalities, monopolies, inefficiencies in production and distribution, a lack of information, and inequality.
- Given that the goal of the market is to maximize public benefit, a monopoly may be viewed as a manifestation of market failure. Because it sets higher prices than a competitive market and restricts output, the monopoly does not optimize consumer welfare.
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