All of the following accurately describe a market economy except:
A) government establishes maximum and minimum prices for most goods and services.
B) prices serve as a signaling mechanism to buyers and sellers.
C) the allocation of resources is determined by their prices.
D) the actions of buyers and sellers establish a product's price.
Correct Answer:
Verified
Q30: Which is characteristic of the market system?
A)
Q31: A competitive economy assumes each industry consists
Q32: Which of the following does not explain
Q33: Which is assumed to be most limited
Q34: Which statement is correct?
A) The operation of
Q36: The process in which workers do specialized
Q37: In a market economy,entrepreneurs are most concerned
Q38: Specialization and trade are beneficial to society
Q39: The maximization of profit and the minimization
Q40: Which condition will encourage competition?
A) Government licensing
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