Market failure refers to the phenomena where an unregulated economy prevents an effective resource allocation. Some examples may include externalities, public goods, imperfect competition, economies of scale and asymmetric information.
MacDonald beef burger in India is the best example of market failure. But MacDonald fail in Indian market due to not conduct proper research and ignore the relegion perspective.
An example of a market economy is the United States. For those of you who don't know, a market economy is where the resources of a country are owned and controlled by the people of the country,...