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what do you mean by market impefections ? in agricultural economy what sort of unemployment do...

what do you mean by market impefections ? in agricultural economy what sort of unemployment do we observe ?

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Answer #1

Market imperfections means when a market is not able to attain an efficient outcome due to prevalence of problems like:

-Externalities

-Public Goods

- Non perfect competition like presence of monopoly

-Asymmetric information

Agricultural economy is usually characterised by disguised unemployment. It is a type of unemployment in which people appear to be visibly employed but are actually unemployed. This is because the labor that is employed does not contribute for the production of goods.

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