How Are the Fundamental Economic Questions Answered in a Market

question 171

Multiple Choice

How are the fundamental economic questions answered in a market economy?

• A)The government alone decides the answers.
• B)Individuals, firms, and the government interact in markets to decide the answers to these questions.
• C)Households and firms interact in markets to decide the answers to these questions.
• D)Large corporations alone decide the answers.

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Definitions:

Archetype

A universally understood symbol, term, or pattern of behavior, often derived from literature, myth, or psychology, embodying certain typical characteristics.

Superego

The part of a person's mind that acts as a self-critical conscience, reflecting social standards learned from parents and teachers.

Conscious

Being in a state where one is cognizant of their personal existence, perceptions, reflections, and surroundings, among other things.

Marital Conflicts

Disputes or disagreements between married individuals or partners in a committed relationship.