What Is the Fundamental Error in the Suggestion That Prices

question 56

Multiple Choice

What is the fundamental error in the suggestion that prices be based on costs rather than on supply and demand?

• A)This would be less efficient than basing prices on supply and demand.
• B)People should be free to set whatever prices they prefer.
• C)Supply and demand determine costs.
• D)People cannot be compelled to base prices on costs.

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Definitions:

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