In a market economy, the use of resources is determined primarily by
a. needs of people.
b. consumer demand.
c. decisions of management.
d. government regulation.
b. consumer demand.
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Refer to the figure above. What is the quantity effect of a price reduction from $6 to $4?
A) $600 B) $800 C) $1,000 D) $1,200
The discount rate is the interest rate
A) paid on time deposits. B) paid on funds banks borrow from other banks. C) paid on funds that depository institutions borrow from the Federal Reserve. D) that banks charge their "best" customers.
Advertising:
A. can convey useful information to consumers. B. can cause perceived differences that don't exist and drive prices up. C. can increase competition in the marketplace and lower prices. D. All of these statements are true.
The fact that doctors are paid more than economics professors is an example of a compensating differential
a. True b. False Indicate whether the statement is true or false