It's Impossible to Sustain Economic Growth or Development in the Absence

question 128

Multiple Choice

It's impossible to sustain economic growth or development in the absence of:

• A) a rule of law.
• B) improvements in education.
• C) membership to world organizations, like the United Nations.
• D) income equality.

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Definitions:

X-Inefficiency

The difference between efficient behavior of businesses in a competitive market and their actual behavior due to a lack of competitive pressure.

Pure Competition

A market structure characterized by an unlimited number of small sellers, identical products, and free entry and exit, leading to perfect competition.

Oligopoly

A market structure in which a few companies dominate the industry, having significant control over prices and supply.

Monopolistic Competition

A trading environment where countless firms peddle products that bear resemblance but are not exact duplicates, offering them a fragment of control in the marketplace.