1. Need for Public Sector
... regulation may be needed top secure these conditions. 2) It is needed where competition is inefficient due to decreasing cost. 3) Government protection and its provided legal structure are needed for contractual arrangements and market operations. 4) Even if the legal structure is provided and barriers to competition are removed, the production or consumption characteristics of certain goods are such that ... property, which is to be exchanged. The market system may be viewed as a giant auction where consumers bid for products and producers sell to the highest bidders. Thus the market o...
- Word Count: 1682
- Approx Pages: 7