In a Competitive Market for a Private Good with No

question 224

Multiple Choice

In a competitive market for a private good with no price or quantity regulations,no external cost nor external benefit,low transactions costs,and no taxes or subsidies,

• A) the allocation of resources is planned by the government.
• B) production is organized by government organizations.
• C) efficiency can be attained in the market with no government intervention.
• D) efficiency is usually be achieved by majority rule.
• E) efficiency is generally obtained by using a command system.

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Definitions:

ASPE

Accounting Standards for Private Enterprises; a set of accounting guidelines for private companies in Canada.

IFRS

International Financial Reporting Standards (IFRS) are a set of accounting rules and standards issued by the International Accounting Standards Board (IASB) that aim to bring consistency to financial reporting across the globe.

Condensed Income Statements

A simplified version of an income statement that presents only the most essential information, typically revenue, expenses, and net income, over a specific period.

Private Enterprises

Businesses that are privately owned and operated, and not publicly traded on stock exchanges.