In a Market Economy,which of the Following Determines the Answer

question 86

Multiple Choice

In a market economy,which of the following determines the answer to the WHAT to produce question?

• A)Direct negotiations between consumers and government.
• B)Prices and profit.
• C)Government directives.
• D)A democratic vote by all consumers.

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Definitions:

Household Members

Individuals who reside in the same dwelling, sharing living accommodations and possibly familial or economic ties.

Seller's Warranties

Guarantees made by a seller regarding the condition, quality, or performance of a product.

Implied Warranty of Merchantability

A legal assurance that goods sold meet minimum quality standards and are fit for the purpose sold.

Trade Usage

Established practices or patterns of behavior regularly observed and accepted in a particular industry.