A free market is an economic system in which the prices of goods and services are determined by …............. expressed by sellers and buyersa.production and distributionb.scientific managementc.supply and demandd.social need
Question
A free market is an economic system in which the prices of goods and services are determined by …............. expressed by sellers and buyersa.production and distributionb.scientific managementc.supply and demandd.social need
Solution
The answer is c. supply and demand. In a free market, the prices of goods and services are determined by the supply (how much of a product is available) and demand (how much consumers want and are willing to pay for a product). This is known as the law of supply and demand.
Similar Questions
A ……………….. market can describe any area where people are free to trade goods. single market doubled- market Multi-market
A market is aa.group of demanders and suppliers of a particular good or service.b.group of people with common desires.c.place where only buyers come together.d.place where only sellers meet.
What do you understand when you hear the term “MARKET”?Question 10Answera.Place to buy somethingb.People who will purchase your product/service.c.Costco/Freshco/Walmart are marketsd.SUPERMARKET
Which tools allow economists to determine if the allocation of resources determined by free markets is desirable?Group of answer choicesThe equilibrium price and quantityIncomes of and prices paid by buyersProfits and costs to firmsConsumer and producer surplus
A free enterprise system is also called ____________ or a market economyResponsescapitalismcapitalisma mixed economya mixed economycommunismcommunisma dictatorship
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.