Markets Are Usually Preferred by Economists for Efficient Transactions

question 6

Multiple Choice

Markets are usually preferred by economists for efficient transactions.However,Ronald Coase noted that administrative solutions may be superior because market transactions are:

• A)never achieved at the equilibrium price.
• B)not costless.
• C)always result in a price that clears the market.
• D)hindered by technological change.

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Definitions:

Anaerobic Bacteria

Microorganisms that thrive in environments lacking oxygen, involved in processes like fermentation, wastewater treatment, and in the human gut flora.

Sedimentary

Pertaining to rocks formed by the accumulation and consolidation of mineral and organic particles deposited by water, wind, or ice.

Earth's Land

The solid surface of the Earth that is not covered by water, including continents and islands.

Compacted Shells

Refers to shells that have been tightly packed together, often found in marine or beach environments, potentially affecting soil drainage and plant growth.