It Must Be Recognized That Private Markets

question 26

Multiple Choice

It must be recognized that private markets

• A) will always produce the most rational level of production.
• B) can fail.
• C) satisfy everyone.
• D) will never produce the most rational outcome.

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Definitions:

Services

Activities, benefits, or satisfactions that are offered for sale that are essentially intangible and do not result in the ownership of anything.

Murray Weidenbaum

An American economist known for his contributions to public policy, environmental economics, and as a key economic advisor during the Reagan administration.

Thorstein Veblen

A prominent American economist and sociologist known for his theories on the social implications of economic behaviors, particularly conspicuous consumption and leisure class.

Benjamin Franklin

A founding father of the United States, known for his contributions to the fields of science, politics, and economics.