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 crash of 1929 was due to a market that was overbought, overvalued and excessively bullish, rising even as economic conditions were not supporting the advance. The crash began on October 24, when the market opened 11% lower.