Market failure
Market failure: an economist's term for imperfectly functioning markets. It does not mean that the market has collapsed. Market failure can occur when participants in the market are insufficiently informed, when there are few buyers or few sellers (monopoly or monopsony conditions) or when the costs and benefits of producing a product are of relevance to some market participants only.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
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Author of the text: W. Goode
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