Market Efficiency and Market Failures

This summit revolves around the concept of elasticity of demand and its effect on consumers! For this essay, please investigate an industry market failure that has occurred within the last 10-years in the U.S. Identify the events that led to market failure. Discuss steps that should have been taken to self-correct the market failure and steps that are being taken to eliminate the need of another government bailout in the future. Is your chosen industry currently operating efficiently? Locate a recent article or event (published within the last year) that highlights your relevant microeconomics topic. Use the College Library, newspapers, new stations, or other credible sources to discuss how your topic aligns with microeconomics. Include the following in your discussion: State the article or event you selected. Identify the microeconomic concept(s). Describe your findings. Analyze the relevance to real-life applications.