Which of the following is a fundamental characteristic of the market system?
A) property rights
B) central planning by government
C) unselﬁsh behavior
D) government-set wages and prices

Question

Quizplus · Accepted Answer

Property rights are a fundamental characteristic of the market system as they allow individuals and businesses to own and control resources and make decisions regarding their use. Choice B is incorrect as central planning by government is a characteristic of a command economy, not a market system. Choice C is incorrect as the market system assumes that individuals act in their own self-interest. Choice D is incorrect as government-set wages and prices would interfere with the free market and limit the ability of individuals and businesses to make decisions based on supply and demand.

Which of the Following Is a Fundamental Characteristic of the Market