Question: Markets operate efficiently when they are fully informed, completely free to make adjustments and the benefits and costs are private.One of the real-world situations leading

  1. Markets operate efficiently when they are fully informed, completely free to make adjustments and the benefits and costs are "private".One of the real-world situations leading to "market failure" (inefficient outcomes) is when the benefits or costs are not solely impactful on the consumer. Use this to produce an economic explanation why many states require vehicle inspections that examine such things as braking efficiency and exhaust omissions.

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