Examlex
Which of the following statements about the witch persecutions is true?
Market Fail
A situation where the allocation of goods and services by a market is not efficient, typically due to reasons like externalities, market power, or public goods.
External Benefit
A positive effect of a transaction or activity on a third party who is not involved in the transaction, also known as a positive externality.
Private Decisions
Choices made by individuals or businesses in the private sector, typically regarding consumption, investment, or production.
Efficiency
The effectiveness with which resources are used to achieve a desired outcome, maximizing outputs from given inputs without waste.
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