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Replaced erroneous examples of externalities
'''Market failure''' is the inability of an [[economy]] or market to allocate its resources efficiently. Often the failure is due to an externality, such as a war or natural disaster.
'''Market failure''' is the inability of an [[economy]] or market to allocate its resources efficiently. Often the failure is due to an externality, such as pollution or increased insurance costs due to risky behavior.
[[category:economics]]
[[category:economics]]