Negative Externality and Information Failure Are Both Examples of What

question 7

Multiple Choice

Negative externality and information failure are both examples of what?

• A) politics
• B) market failure
• C) political culture
• D) toll goods

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Definitions:

Institutions

Organizations or complexes of norms and behaviors that are recognized and accepted in society to fulfill collective functions.

Moral Principles

Fundamental beliefs about what is right and wrong that guide ethical decision-making and behavior.

Rawls's Model

A theoretical framework proposed by philosopher John Rawls that emphasizes principles of justice as fairness, including the veil of ignorance and the difference principle.

Impartial

Not biased, fair; treating or affecting all equally.