All goods, services, and resources are allocated based on their price, and those who value them the most pay that price. This best describes what economic system?

Question

Quizplus · Accepted Answer

In a market economy, goods, services, and resources are allocated based on their prices, with the idea that those who are willing to pay the highest price value them the most. This system relies on supply and demand rather than government allocation or tradition.

All Goods, Services, and Resources Are Allocated Based on Their