A Difference Between the Market and the Public Sector Is

question 88

Multiple Choice

A difference between the market and the public sector is that

• A) competition exists only in the market sector.
• B) resources are only scarce for the market sector.
• C) decision making is by majority rule in the public sector but not in the market sector.
• D) only the public sector produces private goods.

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Definitions:

Testamentary Capacity

The legal competence of an individual to make a will, including the understanding of the nature of the document, the assets to be disposed of, and the identity of the beneficiaries.

Sound Mind

A state of mental capacity in which an individual can effectively understand and manage their affairs.

Lucid Period

A temporary phase of clear-mindedness or rationality that interrupts a longer period of impaired mental state.

Will Substitutes

Non-probate methods for transferring assets upon death, such as trusts, joint tenancies, and payable-on-death accounts, designed to avoid the probate process.