If an Economy Has NOT Achieved Efficiency,there Must Be Ways

question 12

Multiple Choice

If an economy has NOT achieved efficiency,there must be ways to:

• A)increase opportunity costs.
• B)eliminate inequity.
• C)make some people better off without making others worse off.
• D)increase the incentives for its citizens to follow their own self-interest.

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Definitions:

Franchise

The right or license granted to an individual or group to market a company’s goods or services.

License

A legal authorization allowing an individual or entity to use a piece of property or engage in a particular activity or business.

Decentralized Company

A decentralized company allows for decision-making authority to be distributed among various levels within the organization rather than being concentrated at the top.

Decision Making

Choosing among alternative actions; a component inherent in the other management processes of planning, directing, controlling, and improving.