Which of the Following Is a Characteristic of a Market

question 98

Multiple Choice

Which of the following is a characteristic of a market economy?

• A) Private property
• B) Government ownership of the means of production
• C) Distribution according to need
• D) Tradition determines the what, how, and for whom decisions

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Definitions:

Cost-Plus Pricing

A selling price determination approach where a fixed markup is added to the per unit cost of the product.

Mark-Up Percentage

The additional percentage included in the goods' cost price to account for overhead expenses and profit in the sales price.

Time And Material Pricing

A pricing method where the customer is charged based on the time spent on a service and the cost of materials used.

Labour

The measure of human work or effort used in the production of goods and services.