Which Type of Good Is Most Likely to Be Subject

question 59

Multiple Choice

Which type of good is most likely to be subject to market failure?

• A)Public
• B)Private
• C)Uncommon
• D)Factor of production

---

Definitions:

Tacit Collusion

An unspoken, informal agreement among competitors to limit competition and keep prices high.

Standard Oil

An American oil producing, transporting, refining, and marketing company established by John D. Rockefeller and partners in the 19th century, which became a highly influential and controversial monopoly.

Antitrust Policy

A set of laws and regulations aimed at promoting competition and preventing monopolies and unethical business practices.

Department of Justice

A U.S. government's federal department tasked with law enforcement and the management of justice.