Market Failure Occurs When

question 332

Multiple Choice

Market failure occurs when

• A) the price system fails to generate an efficient allocation of resources.
• B) the price system fails to generate an equal distribution of income.
• C) the price system fails to generate an equal distribution of wealth.
• D) the price system allows consumers to make their own decisions.

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Definitions:

Innocent Guilty

A paradoxical situation where an individual who has not committed a crime is nevertheless treated as culpable or responsible.

Accuracy

The degree to which the result of a measurement, calculation, or specification conforms to the correct value or a standard.

Facial Expressions

Physical manifestations of emotions and feelings through movements and positions of the muscles in the face.

Emotions

Complex psychophysiological experiences reflected in psychological states, behavioral responses, and physiological changes.