The role that prices play in directing resources away from overcrowded markets and towards markets that are underserved is known as the ________ function of price.
A) allocative
B) market
C) rationing
D) transitive
Correct Answer:
Verified
Q18: Accounting profit minus implicit costs equals:
A)total revenues.
B)economic
Q19: Which of the following statements about implicit
Q20: Which of the following statements about explicit
Q21: Suppose Lando Calrissian owns a smuggling
Q22: The allocative function of price is to:
A)distribute
Q24: Pat used to work as an aerobics
Q25: Suppose Juliana owns a small business making
Q26: If the owners of a business are
Q27: Adam Smith coined the term "invisible hand"
Q28: Adam Smith's theory of the invisible hand
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