The term "market failure" a. refers to the dissolution of a market when firms decide to quit producing a certain product. b. refers to government's failure to enforce the property rights of households or firms that participate in a certain market. c. refers to the failure of a market to produce an efficient allocation of resources. d. means the same thing as "market power."

c. refers to the failure of a market to produce an efficient allocation of resources.

Explanation:

Market failure occurs when distribution of goods and services in a market is not efficient. This leads to low incentive for rational behaviour.

Individuals make decisions that will benefits themselves alone while the group suffers. This results in disequilibrium where the quantity supplied does not equate to amount demanded.

Market failure can be solved by using methods like government imposed solutions or voluntary collective actions.

answer; /// the best answer to the above question is; the main economic goal that a society consider when deciding the best way to distribute its wealth is equity, this to ensure that all resources are equally distributed; ///(a) (economic equity)