Markets May Not Achieve an Efficient Allocation of Resources When

question 19

Multiple Choice

Markets may not achieve an efficient allocation of resources when there are

• A)public goods.
• B)external benefits.
• C)monopolies.
• D)subsidies.
• E)all of the above

Comprehend the communication process and models.

Identify the impacts of culture and perception on communication.

Recognize the roles and needs of stakeholders in business communication.

Understand the dynamics of social and mobile communication in business.

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Definitions:

Completeness

A principle in consumer theory stating that consumers can rank all possible bundles of goods in terms of preference.

Transitivity

In preferences, it's the principle that if option A is preferred to B, and B is preferred to C, then A should be preferred to C.

Nonsatiation

The assumption in economics that more of a good or service is always preferred to less, implying that there is no saturation point in consumption.

Prefer

Expressing a choice or inclination towards one option or item over another.