​Figure 52

Multiple Choice

​Figure 5.2. The figure shows the supply and demand curves of a firm.
-​What do you mean by the term 'market process'?

A) ​It refers to the way that scarce goods and services are allocated through individual actions and self-interest of buyers and sellers.
B) ​It refers to the way that scarce resources are allocated by a government to firms that value them the most.
C) ​It refers to the way in which markets adjust to changes in demand and supply.
D) ​It refers to a system in which goods and services are exchanged through transactions by private households and firms.
E) ​It refers to a way in which final goods and services are distributed to potential consumers.