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, which provides incentives for efficient use and ultimately leads to economic growth.

Answer: B, C, and D are incorrect 
 Central planning by government, unselfish behavior, and government-set wages and prices are not characteristic of the market system, but rather of command economies, altruistic societies, and socialist systems, respectively.

Which of the Following Is a Fundamental Characteristic of the Market