Which is a major feature of the market system?
A)price floors and price ceilings in all markets
B)reallocation of all resources from private to public uses
C)the right to own private property and control resource use
D)central planning by government to provide goods and services

Question

Quizplus · Accepted Answer

The right to own private property and control resource use is a major feature of the market system. This allows individuals to make their own economic decisions and allocate resources according to their own preferences and needs, which in turn leads to a decentralized and efficient allocation of resources. Price floors and ceilings, reallocation of resources from private to public uses, and central planning by government are all features of command economies, not market economies.

Which Is a Major Feature of the Market System