Loggers are much likely to supply wood to the market if property rights are enforced. In the presence of market failures, public policy can improve economic efficiency. Classify the source of market...

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Extracted text: Loggers are much likely to supply wood to the market if property rights are enforced. In the presence of market failures, public policy can improve economic efficiency. Classify the source of market failure in each case listed. Market Market Failure Power Externality A single grocery store is the only source of food in a small town, giving the store the ability to influence the price of food. A house party plays music at a very high volume, disturbing other residents in the neighborhood.