Under a Market System of Resource Allocation

question 106

Multiple Choice

Under a market system of resource allocation

• A) prices determine what consumers buy while the government determines what firms produce
• B) prices determine what firms produce while the government determines what consumers buy
• C) prices determine both what firms produce and what consumers buy
• D) the government determines both what firms produce and what consumers buy
• E) the government allocates resources while prices allocate goods and services

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Definitions:

Followers

Individuals who are led by a leader and contribute to the group's objectives through cooperation and support.

Knowledge

Information, understanding, or skill acquired through experience or education.

Leadership Process

Refers to the methods and practices through which an individual influences others to achieve a common goal.

Followers

Individuals who support and are guided by a leader or subscribe to particular doctrines or practices.