https://www.essaywritingdiscounts.com/buy-essay-online-promo-codeMarket Failure - Essay ExampleOne real life example of market failure is immobility of labor. The main types of market failure include the presence of gaps in skills, immobility of labor and inequality (Riley, 2011).There are two types of labor immobility- occupational, geographical and industrial. There are some imperfections in the market for labor which might lead to failure of market. For occupational labor mobility the main causes of market failure is skills do not match for the new jobs that are available. Often new jobs are available in the market but the available skills of the labor do not match the requirements. The second cause for the occupational labor mobility resulting in market failure is long term unemployment can lead to loss of skills on the part of the labor. If workers are not involved in work for a long term may be due to unemployment or for some other reason, they may lose their efficiency and their skills can be lost. The third cause that can be accounted is barriers to entry into the market eg, professional bodies.
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