Marlene Owes Bailey $750 Due June 1

question 21

True/False

Marlene owes Bailey $750 due June 1.Bailey assigns the debt to Greg on May 1, but neither Bailey nor Greg informs Marlene.On June 1, Marlene pays Bailey.Marlene must still pay Greg if Bailey does not turn over the money to Greg.

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Definitions:

Private Sector

Refers to the part of the economy that is owned, operated, and funded by private individuals or companies, as opposed to the government.

Majority Voting

A decision-making process where the option that receives the most votes from participants wins, often used in elections and organizational decisions.

Negative Externalities

Costs incurred by third parties not directly involved in an economic activity, for example, pollution affecting non-participating individuals.

Economically Inefficient Outcomes

Situations where resources are not allocated optimally, resulting in lost potential utility or value.