Noun
market failure (countable and uncountable, plural market failures)
(economics) A situation in which the allocation of goods and services by a free market is not efficient.
Coordinate term: government failure
Market failure in positive economics (microeconomics) is limited in implications without mixing the belief of the economist and their theory. Source: Internet
Systemic weaknesses Externalities main Market failure occurs when an externality is present and a market will often either under-produce a product with a positive externalisation or overproduce a product that generates a negative externalisation. Source: Internet