When the Competitive Market System Does Not Allocate Resources to Economically

question 90

Multiple Choice

When the competitive market system does not allocate resources to economically desirable goods,economists say what has occurred?

• A) Market failure
• B) Government failure
• C) Externalities
• D) Productive inefficiency

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Definitions:

External Locus

An individual's belief that their success or failure is influenced by external factors or forces beyond their control.

Millennial

A Millennial is a person born approximately between 1981 and 1996, known for being tech-savvy, value-driven, and significantly influenced by the rise of the internet and social media.

Market Savvy

Having a keen understanding of market dynamics, including recognizing opportunities and threats within the competitive landscape.

Global Mind-Set

The ability to appreciate and adapt to different cultural norms and practices in a global business environment.