Market Efficiency - Market Failures Recall that: Adam smith’s“ invisible hand of the marketplace leads self- interested buyers and sellers in a market to maximize the total benefit that society can derive from a market But market failures can still happen H arc Inc items and derived items copyright o 2001 by Harcourt, IncHarcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Market Efficiency - Market Failures Recall that: Adam Smith’s “invisible hand” of the marketplace leads self￾interested buyers and sellers in a market to maximize the total benefit that society can derive from a market. But market failures can still happen