When market failure is present,
a. democratic political decision-making can be counted on to improve the efficiency of resource allocation.
b. market allocation will achieve idealized economic efficiency.
c. the conditions implied by idealized efficient allocation of resources will be absent, but it does not follow that political action will improve the situation.
d. democratic political decision-making will never be able to improve the efficiency of resource allocation.
C
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Government spending in the United States has grown over time and now accounts for more than forty percent of United States national income. Does this mean that government has been consistently running a budget deficit?
What will be an ideal response?
In his Report on a National Bank, _________________ argued in favor of the establishment of a Bank of the United States
a. Thomas Jefferson b. Alexander Hamilton c. George Washington d. Benjamin Franklin