In a Free Market, Economic Activity Is Coordinated by

question 5

Multiple Choice

In a free market, economic activity is coordinated by

• A)central planners.
• B)prices.
• C)costs.
• D)majority rule.

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Definitions:

Economics

The social science that studies how individuals, governments, firms, and nations make choices on allocating resources to satisfy their wants and needs, and how these choices interact in markets.

Retail Value

the price at which a product is sold to the end consumer in a retail market.

Barbie Doll

A popular fashion doll brand created by the American toy company Mattel, Inc., known for its diverse range of dolls and accessories.

Opportunity Cost

Abstaining from possible rewards offered by other selections upon choosing one.