Situations in Which the Assumption of Efficient,competitive Markets Fails to Hold

question 4

Multiple Choice

Situations in which the assumption of efficient,competitive markets fails to hold are called:

• A) market failures.
• B) inelastic-response markets.
• C) missing markets.
• D) market interventions.

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Definitions:

Broca's Aphasia

A condition characterized by difficulties in speech production, often resulting from damage to the frontal lobe of the brain.

Expressive Aphasia

A language disorder caused by damage to the brain that affects a person's ability to produce coherent speech and language.

Prosopagnosia

A specific inability to recognize faces, even very familiar ones, with intact recognition of other objects.

Arbitrariness

The lack of any necessary or natural relationship between a sign's physical form and its meaning.