In a market system, the working of the price system only results in the distribution of income.
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Q2: Lower prices are always better for society.
Q3: Laissez-faire refers to a program of minimal
Q4: Prices set too low can actually be
Q5: Price increases always reduce economic efficiency.
Q6: Economics tells us which resource allocations are
Q8: Production at points beyond the production possibilities
Q9: Lower prices are a signal of the
Q10: In a market system, prices are used
Q11: Efficient allocation of resources makes everyone better
Q12: Higher prices can discourage use/consumption, which in
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