In a Properly Functioning Free Market

question 98

Multiple Choice

In a properly functioning free market

• A)the price of any good reflects its marginal utility to consumers.
• B)price will equal marginal cost.
• C)the invisible hand will assure that society's resources are used efficiently.
• D)All of the above are correct.

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Definitions:

Confidence Interval

A range of values, derived from the sample data, that is used to estimate the true value of a population parameter with a specified level of confidence.

Variance

A statistical measure that represents the degree of spread in a dataset or the variability of the observations from the average.

Population Mean

The average value of a particular characteristic within an entire population.

Confidence Intervals

A range of values, derived from the sample data, that is likely to contain the value of an unknown population parameter, with a certain level of confidence.