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Opponents of the free market approach assert that the free market ofte
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31 May 2021, 07:32
31 May 2021, 07:32
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Opponents of the free market approach assert that the free market often fails to achieve maximum efficiency—that it sometimes (i) ______ resources. They often cite the example of utility services. If there were free competition among utilities, it would lead to a lot of (ii) _______ —different companies putting up telephone and electric poles, waterlines, etc., side by side, which would be a waste. So they argue that it is important for government to (iii) _______ competition and thus correct market failures.
| Blank (i) | Blank (ii) | Blank (iii) |
|---|---|---|
| A. optimizes | D. efficiencies | G. encourage |
| B. wastes | E. duplication | H. validate |
| C. ignores | F. savings | I. restrict |
Re: Opponents of the free market approach assert that the free market ofte
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31 May 2021, 08:03
31 May 2021, 08:03
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A good one.
Opponents of the free market approach assert that the free market often fails to achieve maximum efficiency—that it sometimes (i) ______ resources. They often cite the example of utility services. If there were free competition among utilities, it would lead to a lot of (ii) _______ —different companies putting up telephone and electric poles, waterlines, etc., side by side, which would be a waste.
The free market fails to achieve max efficiency - they sometimes don't fully use the resource. - waste
The opponents give the example of utility services. If there was a free competition among utilities then there will be a lot of waste. Why ?
different companies putting up telephone and electric poles, waterlines, etc., side by side
hence, duplication
So they argue that it is important for government to (iii) _______ competition and thus correct market failures.
So the opponents argue against the free market approach that the govt should stop it. restrict
Opponents of the free market approach assert that the free market often fails to achieve maximum efficiency—that it sometimes (i) ______ resources. They often cite the example of utility services. If there were free competition among utilities, it would lead to a lot of (ii) _______ —different companies putting up telephone and electric poles, waterlines, etc., side by side, which would be a waste.
The free market fails to achieve max efficiency - they sometimes don't fully use the resource. - waste
The opponents give the example of utility services. If there was a free competition among utilities then there will be a lot of waste. Why ?
different companies putting up telephone and electric poles, waterlines, etc., side by side
hence, duplication
So they argue that it is important for government to (iii) _______ competition and thus correct market failures.
So the opponents argue against the free market approach that the govt should stop it. restrict
gmatclubot
Re: Opponents of the free market approach assert that the free market ofte [#permalink]
31 May 2021, 08:03
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