For Private Goods Allocated in Markets

question 2

Multiple Choice

For private goods allocated in markets,

• A)prices guide the decisions of buyers and sellers and these decisions lead to an efficient allocation of resources.
• B)prices guide the decisions of buyers and sellers and these decisions lead to an inefficient allocation of resources.
• C)the government guides the decisions of buyers and sellers and these decisions lead to an efficient allocation of resources.
• D)the government guides the decisions of buyers and sellers and these decisions lead to an inefficient allocation of resources.

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Definitions:

Mutually Exclusive

A condition where two events cannot both occur at the same time.

P(A Or B)

A probability measure that represents the likelihood of either event A occurring, event B occurring, or both events occurring.

Diagnostic Test

A test used to help identify the presence or absence of a condition, disease, or substance in a subject or sample.

Disease

A condition that disrupts normal physiological or psychological functions in an organism.