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:

Black Soldiers

African descent military personnel who have served in various armed forces, often facing segregation, discrimination, and challenges in recognition and integration.

Frederick Douglass

An eminent figure in American history who rose from slavery to become a leading voice in the anti-slavery movement and in the promotion of civil rights for African Americans, demonstrating profound influence through his speeches and writings.

Social Equals

Individuals or groups holding similar status, rights, and opportunities in society, without discrimination or hierarchical distinctions.

Menial Labor

Unskilled manual work that is often repetitive and underpaid, typically requiring little to no formal education and performed by workers in lower socioeconomic positions.