Economics · Economic Systems
What is the primary rationale for the existence of a public sector alongside a private sector in a modern Mixed Economy like India?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1To restrict consumer choice and limit product variety
- 2To provide public goods and address market failures where the private sector is unwilling or unable to operate✓
- 3To ensure that all profits generated are transferred directly to the central government
- 4To enforce a complete ban on all foreign investment
Correct answer
To provide public goods and address market failures where the private sector is unwilling or unable to operate
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