Question

Which of the following statements regarding the public sector is/are correct?

a. Private market systems always achieve equitable and sufficient outcomes.
b. In the mixed economy, only the government and the market forces play an important role.
c. Market failure justifies the need for government intervention.

[1] Only a and c
[2] Only b
[3] Only c
[4] Only a and b
[5] All the statements are correct

Answer 1

[5] All the statements are correct