An Analysis of Market Failure and Government Failure Indicates

question 180

Multiple Choice

An analysis of market failure and government failure indicates

• A) government decision making is always preferable to using markets.
• B) market decision making is always preferable to public-sector action.
• C) government action is necessary whenever market failure occurs.
• D) both the market and the government may fail to meet conditions of economic efficiency; in each individual case, the choice of market or public-sector action requires careful evaluation.

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Definitions:

Medical Record

An organized compilation of a patient’s health history, treatment, and care, maintained by healthcare professionals.

Correct Information

Accurate and verified data or facts.

Written Consent

A formal agreement obtained through a documented and signed form, permitting an action.

Insurance Company

An organization that provides a range of insurance policies to protect individuals and businesses against the risk of financial losses in return for regular payments of premiums.