Economists Use the Term "Market Failure" to Refer to Those

question 2

Multiple Choice

Economists use the term "market failure" to refer to those free- market situations where

• A)externalities are present in the economy.
• B)government has intervened in the economy.
• C)allocatively efficient outcomes are not achieved.
• D)the economy is not in equilibrium.
• E)income is not distributed equitably.

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Definitions:

Try/Catch

A construct in various programming languages designed to handle exceptions by testing a block of code (try) and catching errors (catch) to prevent program crash.

JList GUI

A component in the Java Swing library that displays a list of objects enabling the user to select one or more items visually.

ActionStateChanged

An event listener in Java programming that responds to changes in the state of an action or component.

JList

A Swing component in Java that allows users to select one or more objects from a list of objects displayed within a scrolling panel.