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So by that standard, any market situation in which a vendor makes high profit margins on a product in high demand would be a market failure. I really don’t think that’s what it means. The limited supply and subsequent high prices of Bugattis isn’t a market failure.

It seems to me it’s more like cases where poor infrastructure prevents distribution, or excessive regulation obstructs trade, preventing vendors and purchasers from linking up. That’s a problem on both sides. It’s an actual failure of the market itself.

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