A Similarity Between the Market and the Public Sector Is

question 55

Multiple Choice

A similarity between the market and the public sector is that:

• A)both are guided by the invisible hand.
• B)both are controlled by the government.
• C)scarcity is present in both the sectors.
• D)public goods are not produced by either of the two.
• E)government intervention leads to allocative efficiency in both the sectors.

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Definitions:

Reasonable Skill

The level of competence that a professional is expected to perform in a specific task, based on common standards in the field.

Legal Liability

The responsibility to bear the consequences under the law, often involving compensation for harm or damage.

Office Equipment

Machines and devices designed for use in an office environment, such as computers, printers, and telephones.

Contract Remedies

Contract remedies are legal solutions available to a party involved in a breach of contract situation, aimed at enforcing the contract or compensating for losses.