The system of a market, formed through the supply and demand of goods, can be divided amongst different types (types of what?), that can be classified based on the competition the supplier has for allocating his/her goods. Two commonly known divisions are the free market and the competitive market, as discussed in Cocktail Party Economics, written by Evelin Adomait and Richard Maranta. The writers argue that, no matter how efficiently a perfectly functioning competitive market is working, it is unlikely that market’s outcomes will be equitable. In order to prove this, I this paper will be looking at the efficiency, equity and market failure/success in both the cases of the provision of public education and the financial markets such as housing.…