When Government-Owned Businesses Convert to Private Ownership,they Go Through a Process

question 58

Multiple Choice

When government-owned businesses convert to private ownership,they go through a process called _____.

• A)privatization
• B)consumerization
• C)socialization
• D)domestication

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Definitions:

Production Level

the quantity of goods and services produced by a business or economy within a certain period.

Perfectly Elastic

Describes a market condition where demand or supply responds instantaneously to changes in price with an infinite change in quantity demanded or supplied, depicted as a horizontal line in graphical analysis.

Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, reflecting consumer sensitivity to price changes.

Horizontal Line

A straight line that has a constant y-value in the plane Cartesian coordinate system, indicating no change in the vertical direction.