Competitive Markets with No External Costs or Benefits and No

question 173

Multiple Choice

Competitive markets with no external costs or benefits and no government price ceilings, floors, taxes or subsidies ________ efficient. According to the "It's not fair if the rules aren't fair" idea of fairness, competitive markets ________ fair.

• A) are; are
• B) are; are not
• C) are not; are
• D) are not; are not

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Definitions:

Tool to Measure Grit

An assessment or instrument designed to evaluate an individual's perseverance and passion for long-term goals.

Intentional Iteration

A deliberate process of repeatedly refining and improving a product, service, or process based on feedback and testing.

Effect on Entrepreneurs

The impact that various factors, such as market forces or legislative changes, have on individuals starting or running their own businesses.

Blame-free Environment

A culture or setting where mistakes are viewed as opportunities for learning rather than assigning fault.