Why would private business be considered more efficient than public agencies?

Please provide the best answer for the statement.

In the private sector, there are clear incentives in the form of prices, wages, and profits that serve to direct resource allocation and encourage economic efficiency. These incentives or signals that encourage productive and allocation efficiency in private business are missing from the public sector. What is produced by the public sector is not sold in the market, so it is difficult to determine the value of output. Also, there is little incentive to reduce costs because government agencies are not concerned with profits. This problem can lead to larger, more expensive government units. Compounding this problem are the influences of special interests and rent-seekers that expand or sustain government agencies or programs for their benefit.

Economics

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Jason hires Maria to tutor him in economics. Jason is willing to pay $30 for the first hour of tutoring, $25 for the second, $20 for the third, $15 for the fourth, and $10 for the fifth

Maria has an opportunity cost per hour of $6 for the first, $9 for the second, $12 for the third, $15 for the fourth, and $18 for the fifth. What will be the equilibrium quantity of hours tutored and the equilibrium price? Explain why this quantity and price is the equilibrium. What is Jason's consumer surplus and what is Maria's producer surplus?

Economics

Why is it inefficient to be overinformed?

What will be an ideal response?

Economics