Which of the Following Can Result in a Market Producing

question 361

Multiple Choice

Which of the following can result in a market producing an inefficient quantity of a good?
i.competition
ii.an external cost or an external benefit
iii.a tax

• A) i only
• B) iii only
• C) ii only
• D) ii and iii
• E) i and iii

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Definitions:

Nonunion Grievance Systems

Procedures implemented by workplaces without union representation, allowing employees to raise and resolve issues regarding workplace conditions or management decisions.

Grievance Arbitration

A process where a neutral third party makes a binding decision regarding a dispute between an employee and employer over the application or interpretation of a labor agreement.

Judicial Process

The series of steps and procedures followed in the legal system, including litigation and adjudication in courts.

Bilateral Negotiations

A negotiation process involving two parties directly interacting to reach an agreement or resolve disputes, without involving intermediaries.