Problem
In standard textbook economic analysis, institutions are often portrayed as creating market failures.
a. Give an example of market failure caused by an institution not discussed in the text.
b. What would a free market advocate likely say should be done about the failure?
c. How would an Institutionalist likely respond? (Institutionalist)
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.