Which of the Following Is Not a Typical Characteristic of a Market

question 149

Multiple Choice

Which of the following is not a typical characteristic of a market system?

• A)freedom of choice
• B)competition in product and resource markets
• C)consumer sovereignty
• D)lack of incentives to produce new products
• E)profit as a success indicator

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Definitions:

Budgeting

The process of creating a plan to spend your money over a certain period, allocating funds to various activities or departments.

Customers Served

The number of unique clients or customers that a business or service has provided for over a specific period.

Revenue Variance

The variance between projected revenue and the actual income received.

Fixed Costs

Expenses that do not change with the level of production or sales, such as rent, salaries, and insurance.