1.  Beauty contests fail forming a correct meaning of beauty.

2.  Econmists normally apply term to situations where the assumptions of the first welfare theorem fail leading to the market outcome no longer being on the pareto frontier.

3.  Market failure doesn't mean the market has fully failed functioning.

4.  Usually, economists normally apply the term to situations where the assumptions of the First Welfare Theorem fail leading to the market outcome no longer being on the Pareto Frontier.

5.  Economists normally appiy the term to the to situations where the assumptions of the First Welfare Throrem fail lerding to the market outcome no longer being on the Parto frontie.