The term market mechanism refers to
A) The use of market prices and sales to signal desired output.
B) Resource allocation based on a production possibilities curve.
C) Resource allocation based on consumer needs.
D) Government laws and regulations concerning how the market should operate.
Correct Answer:
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Q8: If production in the economy is efficient,then
Q9: The most desirable combination of output attainable
Q10: In a market economy,producers will produce the
Q11: Which of the following is an example
Q12: Any imperfection in the market mechanism that
Q14: Which of the following is a source
Q15: The optimal mix of output is always
Q16: From an economic standpoint,government intervention is justified
A)When
Q17: Which of the following is possible when
Q18: Resources are directed from one industry to
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