Identify the Correct Statement About Government Bureaus

question 1

Multiple Choice

Identify the correct statement about government bureaus.

• A)They have less incentive to eliminate waste and inefficiency.
• B)They receive a steady stream of consumer feedback.
• C)They earn profits that are distributed among their owners.
• D)They produce goods at the lowest cost per unit.
• E)They aim to eliminate any excess demand generated in a market.

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Definitions:

Buyers

Individuals or organizations that purchase goods or services for personal use or for resale.

Sellers

Individuals or entities that offer goods or services for sale in the marketplace.

Equilibrium Price

The price at which the quantity of goods demanded equals the quantity of goods supplied.

Excess Demand

Excess demand occurs when the quantity demanded of a product or service exceeds the quantity supplied at the current price, leading to shortages.