“Market Failure” can be described as a situation in which

"Market Failure" can be described as a situation in which the work of prices does not consider the necessity of cost and economic goods.

Explanation:

There is a market failure when the free market in the economy does not increase enough profit and fails the attention of the consumers. "Market Failure" can be described as a situation in which the work of prices does not consider the necessity of cost and economic goods.

Public goods could be one of the major causes of market failure. This occurs when the allotment of the goods and market is not placed properly or initated in the right way.

As there are no standard preferences among the society, the taste of one person does not balance the taste of the other. And this leads to imbalance in the market.