In a market system, the "What will be produced?" question is ultimately decided by
What will be an ideal response?
profitability of products.
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Goods are distributed among people by means of
A. a central authority. B. prices. C. markets. D. All of these are correct.
A dominant strategy is a
A) last-move strategy. B) losing strategy. C) player's best strategy when he can make the first move. D) player's best strategy regardless whatever strategies are adopted by his rivals.
Discuss why it is unlikely that a country would specialize in just one product, and support your explanation with an example.
What will be an ideal response?
Which statement is true?
A. The most important factor affecting rent is location. B. The rent on a particular piece of land is based on the buildings located on that land. C. Rent on marginal land is very high. D. The rent on a particular piece of land never changes.