In a free market system
A) There is no government involvement in the economy
B) Resources are allocated on a first-come first-served basis
C) Buyers and sellers make all of the economic decisions
D) Government mostly allows markets to operate with little intervention or regulation

Question

Quizplus · Accepted Answer

In a free market system, government mostly allows markets to operate with little intervention or regulation. While buyers and sellers do have a significant say in economic decisions, government oversight and regulation may still exist to ensure fair practices and prevent monopolies. The allocation of resources is determined by supply and demand within the market. Therefore, options A and B are incorrect.

In a Free Market System