In a Competitive Market for a Private Good with No

question 224

Multiple Choice

In a competitive market for a private good with no price or quantity regulations,no external cost nor external benefit,low transactions costs,and no taxes or subsidies,

• A) the allocation of resources is planned by the government.
• B) production is organized by government organizations.
• C) efficiency can be attained in the market with no government intervention.
• D) efficiency is usually be achieved by majority rule.
• E) efficiency is generally obtained by using a command system.

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Definitions:

Income Statement

A financial statement that shows a company's financial performance over a specific period, detailing revenues, expenses, and profit or loss.

Balance Sheet

A financial report detailing a company's possessions, debts, and owner's equity at a particular moment.

Operating Cycle

The duration of time it takes for a company to purchase inventory, sell it, and convert the sale into cash.

Financial Data

Financial data consists of records, figures, and quantitative information related to the financial status, operations, and performance of an entity.