Question: 1.When competitive markets don't function properly, market failures occur.Explain what is meant by market failures and discuss the government's role in correcting these. 2.What methods

1.When competitive markets don't function properly, market failures occur.Explain what is meant by "market failures" and discuss the government's role in correcting these.

2.What methods can be used to determine the price elasticity of demand.Give illustrations of each method using specific product examples.

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