The part of the urban economy of LDC's characterized by small competitive individual or family firms, labour intensive methods, free entry and market determined factor and product prices?
Correct answer: B. Informal sector
- A. Formal sector
- B. Informal sector
- C. Formal finance
- D. Informal finance
Explanation
The informal sector consists mainly of small, often family-run enterprises with low capital use, free entry, and prices determined by the market. The formal sector is more regulated and institutionally organized.
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