microeconomics - The meaning of market failure

Question 1

types of market failure

Answer 1

Externalities

The under-provision of public goods

Information gaps

Monopolies

Inequalities in the distribution of income and wealth

Question 2

complete market failure

Answer 2

Complete market failure occurs when there is a missing market. The market does not
supply the products at all.

Question 3

partial market failure

Answer 3

Partial market failure occurs when the market produces a good, but it is the wrong
quantity or the wrong price. Resources are misallocated where there is partial
market failure.