Considering the elements in the external environment, it is correct to say that ______.   Question 37 options:   A)    All of these are true. B)    the socio-cultural environment has become less important in recent years because of the increasing diversity of the population in Canada. C)    the boundary between a company and the political-legal environment is more porous than the boundary between a company and the socio-cultural environment. D)    The economic environment will affect the performance of almost every business. E)    the political-legal environment is something that cannot be influenced by Canadian business firms.

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Market Failure Analysis

To understand Market failure, we need to first understand welfare economics. An Italian economist, Vilfredo Pareto stated that allocation of resources in an efficient manner such that an economic change, which harms no one and makes someone better off, indicates an increase in social welfare. It is also called Pareto Optimality, where resources cannot further be reallocated without harming one. This does not apply to those economic changes, which harm some and benefit others. social welfare increases if the utility of any of its members' increases and none decrease in the economy.