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Additional questions&answers for PS7

Additional questions&answers for PS7 - ADDITIONAL...

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1 ADDITIONAL MULTIPLE CHOICE QUESTIONS FOR PS-7 1. The term market failure refers to a. The impossibility of achieving perfect competition in real markets b. The failure of markets to arrive at equilibrium, causing shortages and surpluses c. The failure that occurs when resources are misallocated, or allocated inefficiently.The result is waste or lost value. d. The restrictions imposed by government, which prevent markets from producing the right mix of output. 2. Which of the following(s) is/are source(s) of market failure? 3. Which of the following occurs in a private market system? transactions . incentive to consider external effects. institutions for dealing with externalities.
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