Spot price of West Texas Intermediate in relation to the price of Brent Crude. Historically price differences between Brent and other index crudes have been based on physical differences in crude oil specifications and short-term variations in supply and demand.
When does market failure occur? Whenever resources are not allocated efficiently. ie. total surplus is not maximised. What are the main types of market failure?
The stock market crashes, marking the end of six years of unparalleled prosperity for most sectors of the American economy. The crash begins on October 24 (Black Thursday). By October 29, stock prices will plummet and banks will be calling in loans. An estimated $30 billion in stock values will disappear by mid-November.