Market Failure Can Be Caused by

question 2

Multiple Choice

Market failure can be caused by

• A)low consumer demand.
• B)equilibrium prices.
• C)externalities and market power.
• D)high prices and foreign competition.

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Definitions:

Promotion Decisions

The process of deciding which employees to advance to higher positions within an organization, based on criteria such as performance and potential.

Formal Procedures

Established and officially sanctioned methods and processes used to accomplish tasks or solve problems.

Uncertainty Avoidance

A cultural dimension that describes the extent to which societies tolerate ambiguity and unpredictability.

Autocratic Political System

A form of government where power is concentrated in the hands of a single ruler or a small elite.