Identify market failure that plays an important role

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Identify a market failure that plays an important role in a movie, novel, short story, TV show, or song. Explain what the market failure is and how it is presented in the source. For example, one of my favorite movies is "Open Range," a western starring Kevin Costner. The movie's title refers to land that was considered common property where anyone was free to graze their cattle. Kevin and his crew are grazing their cattle in an open range, but the local cattle baron doesn't like it, fearing there won't be enough grass left for his cattle and uses violence to encourage them to leave. The market failure in this plot is "Tragedy of the Commons,: when a resource is commonly owned or if no one owns the resource individually, each person has an incentive to use the resource as much as possible, leading to overuse and perhaps depletion-in this case the common pasture land. (5)

Reference no: EM131098377

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