A Situation in Which a Market Left on Its Own

question 32

Multiple Choice

A situation in which a market left on its own fails to allocate resources efficiently is known as:

• A)scarcity
• B)opportunity cost
• C)market failure
• D)market power

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Definitions:

Bandura

Albert Bandura, a psychologist recognized for his work on social learning theory, emphasizing the role of observational learning and self-efficacy.

Functional Autonomy

A concept by Gordon Allport suggesting that some behaviors become goals in themselves, independent of their original motives.

Criteria

Standards or principles used to make judgments, decisions, or to evaluate the characteristics of something.

Mental Health

A level of psychological well-being, or an absence of mental illness.