thanks in advance (:
      Answer1:Economic market failure occurs when actual demand line is below where the supply and demand curves intersect. Market failures are shown by a triangle on a graph known as a "dead weight loss zone." Health care is an example (unless there is a government health care program which will accept everyone). Consider someone with terminal cancer. Few (if any) insurance corporations will accept this person. Because this person may be willing to pay, and pay quite a bit, for health care, and because they will be refused, there is a market failure.Other examples? Market failures can be artificially created by governmental regulation and prohibitions. Think vices. Cuban cigars are illegal to purchase in the United States, because people are willing to buy them at a given rate and because some people would be willing to sell at that rate but because they are blocked by law from being sold, there is an absolute market failure. Prostitution, cocaine, alcohol (due to age restrictions), etc. are just a few examples.