When the Market Does NOT Result in an Efficient Allocation

question 67

Multiple Choice

When the market does NOT result in an efficient allocation of scarce resources, economists say there has been:

• A) market dropout.
• B) normative economics.
• C) market disincentives.
• D) market failure.

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Definitions:

Mastery Goals

Goals that focus on the development of competence and task mastery rather than comparison with others, often associated with intrinsic motivation and a love of learning.

Performance Goals

Objectives set to achieve specific standards of competence, often in comparison with others or with previous personal achievements.

Mastery Goal

An aim to fully understand or master a skill or subject, rather than merely to achieve a good grade or outperform others.

Public Awareness

The level of knowledge, consciousness, or acknowledgement among the general public about an issue.