Which of the Following Can Be Used to Correct Market

question 145

Multiple Choice

Which of the following can be used to correct market failure?

• A) The market mechanism.
• B) Laws and regulations.
• C) Laissez faire price policies.
• D) Government failure.

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Definitions:

External Auditor

An independent third party hired to examine the financial statements of an entity to ensure accuracy and adherence to accounting standards.

Internal Control System

A set of procedures and mechanisms implemented by a business to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Cost-Benefit

An analysis or assessment comparing the costs and benefits of a decision or project to determine its feasibility or worthiness.

Human Error

Mistakes made by individuals in performing tasks or making decisions, often leading to deviations from intended outcomes or processes.