Market Systems Can Be Evaluated as Efficient or Inefficient, but Not

question 90

True/False

Market systems can be evaluated as efficient or inefficient, but not as fair or unfair.

---

Definitions:

Eyewitness Identification

A process in criminal justice systems where victims or witnesses identify suspects through line-ups, photo arrays, or show-ups.

Recognition

The identification of a thing or person from previous encounters or knowledge.

Algorithm

A step-by-step procedure or formula for solving a problem.

Sunk Cost Effect

The phenomenon where a person is more likely to continue an endeavor once an investment in money, effort, or time has been made.