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The 1973 Oil Crisis and Shell's Scenario Planning

The 1973 Oil Crisis and Shell's Scenario Planning

Shell's scenario planning transformed crisis foresight into strategic action....
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Market failure
Definitions

Market failure

Saddique Ansari • January 28, 2020 • 1 min read

Author bio

Market failure – definition

A market failure is a situation where free markets fail to allocate scarce resources efficiently. These can be complete or partial.

  • Markets work well when certain conditions are met.

  • Read more on market failures.

 

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