An Economic System That Relies Primarily Upon Custom and Habit

question 10

Multiple Choice

An economic system that relies primarily upon custom and habit in economic decision making is a

• A)mixed system.
• B)market system.
• C)traditional system.
• D)communist system.
• E)command system.

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Definitions:

Labour Hours

The total time worked by employees, typically used as a basis for labor cost allocation or productivity measurement.

Total Revenue Curve

A graphical representation that shows how total revenue changes with variations in the quantity of goods or services sold, illustrating the relationship between price and demand.

Quantity Sold

The total number of units of a product sold within a given time frame.

Predatory Pricing

A strategy where a business sets prices below cost intending to eliminate competitors and gain market dominance.