Which of the Following Best Exemplifies a Failure of Market

question 14

Multiple Choice

Which of the following best exemplifies a failure of market outcome?

• A) Secondhand smoke can put the health of children at risk.
• B) Consumers often don't know as much about the car they are buying than the person selling the car does.
• C) Adults with emphysema find it difficult to quit smoking even though they know that smoking worsens their health and they want a long life.
• D) Some people can enjoy the use of a public park without paying for it.

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Definitions:

Pragmatism

A philosophical movement that emerged in the late nineteenth century, which insisted that institutions and social policies should be judged by their practical effects, not their longevity or whether they reflected traditional religious or political beliefs.

John Mitchell

An American labor leader and president of the United Mine Workers of America (1898-1908), known for his role in the labor movement and efforts to improve workers' rights.

Industrial Liberty

The notion of freedom within the context of industrial development, often referring to labor rights, economic opportunities, and the ability to innovate and compete in a market economy.

Ludlow Massacre

An event in 1914 where a violent conflict between striking coal miners and the Colorado National Guard resulted in numerous deaths, including women and children.