Prices direct economic activity in a market economy by
A) influencing the actions of buyers and sellers.
B) reducing scarcity of the goods and services produced.
C) eliminating the need for government intervention.
D) allocating goods and services in the most equitable way.
Correct Answer:
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Q208: Which of the following most accurately describes
Q209: "He [the producer] intends only his gain,
Q210: Which of the following is a function
Q211: Under competitive conditions, market prices
A) generally convey
Q212: "He [the producer] intends only his gain,
Q214: If there is a decrease in both
Q215: Assume that supply decreases slightly and demand
Q216: Suppose both the equilibrium price and quantity
Q217: According to Adam Smith's invisible hand principle,
Q218: Adam Smith's invisible hand principle stresses
A) that
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