The Term Market Mechanism Refers to

question 52

Multiple Choice

The term market mechanism refers to

• A)The use of market prices and sales to signal desired output.
• B)Resource allocation based on a production possibilities curve.
• C)Resource allocation based on consumer needs.
• D)Government laws and regulations concerning how the market should operate.

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Definitions:

Independent Kinds

Distinct categories or types of entities that exist autonomously and are not dependent on other categories for their definition or identification.

IQ Tests

Standardized assessments designed to measure human intelligence and cognitive abilities compared to an age-based standard.

Traditional

Adhering to or denoting longstanding customs, beliefs, or practices typically passed down through generations.

Measure

A method or standard for assessing the size, quantity, or degree of something.