Multiple Choice
It is true that the distribution process carried out by the price system
A) accomplishes the task more efficiently than central planners would.
B) favors the rich.
C) is superior to other rationing mechanisms because it is able to pay attention to individual consumer preferences.
D) All of these responses are true.
Correct Answer:
Verified
Correct Answer:
Verified
Q114: In a planned economy, the concept of
Q115: The selection of particular products' production processes<br>A)determines
Q116: The price system rations goods among consumers
Q117: The saying "the lower the price, the
Q118: Figure 11-2<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8592/.jpg" alt="Figure 11-2
Q120: Fixed prices in a free-market economy can
Q121: A consumer who buys any amount of
Q122: Which of the following is concerned with
Q123: Under a laissez-faire system,<br>A)government coordinates with firms
Q124: Total surplus is the sum of producer's