A free market is described by which of the following statements? a. Decisions are centralized b. The government does not set or influence market prices in any way. c. Inputs are free to sellers. d. The price of outputs is controlled by the government.
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- The forces that make market economies work are a.price and quantity. b.demand and supply. c.the Senate and House of Representatives. d.the Constitution and the Bill of Rights.Connect In a free market system, how are incentives related to the principle of consumer sovereignty?What is a market?a. Name five types of markets in which you participate.b. What markets trade economic resources?
- consumers demand for goods and services, which drives production, is the main element of _____ economy? a) command style demand-side b) fee market demand-side c) free market supply-side d) command style supply-sideIf executives of various firms met in a smoke-filled hotel room to fix prices and to allocate which firms will produce what quantity of the good or service, then what are they doing?As you know about the market (like perfect and imperfect) write in your words about the market which you think is more realistic than other?
- Explain the term free-market economy.Economic questions short answer Listthe main characteristics of the market system.?A market economy is regulated by the interaction between which two things A.Goods and services B.Producers and consumers C Product based and service based Business D.Public and private sectors
- A traditional economic system which is simply explained as “producers consumers relationship” is said to be related to the environment. 1. Explained how the market works, market behavior, and interaction between the market system and the environment? Explain why the market fails. Provide an example.At Big Drop Coffee, some employees brew coffee, others deal with customers, and others prepare sandwiches. This best exemplifies how a market system performs which coordination task required in the economy? A. Which of the possible combinations of goods to produce B. How to use resources efficiently C. How to distribute outputThe basic principles of economics suggest that a. markets are seldom, if ever, a good way to organize economic activity. b. government should become involved in markets when trade between countries is involved. c. government should become involved in markets when those markets fail to produce efficient or fair outcomes. d. All of the above are correct.