The finance minister of a country considers several large, state-owned iron manufacturing units to be inefficient and a source of corruption. To generate resources for public expenditure and promote economic growth, the government decides to auction an entire iron manufacturing plant to sell it to a strategic investor. This process exemplifies:.
1. Nationalization
2. Liberalization
3. Privatization
4. Industrialization

Option 3                            

Explanation:

In simple words, The transition of state ownership, land, or corporation to that of the corporate sector is termed as privatization. The administration refuses to be the owner of a business or body. The mechanism where a few individuals can take over a public enterprise is also considered privatization. Privatization is perceived to add more flexibility and rationality to the market, something which does not affect a government corporation.

answer; descriptive statistics;