Prices Are Useful in Coordinating Society's Economic Planning Because

question 50

Multiple Choice

Prices are useful in coordinating society's economic planning because

• A)they convey information about which goods are scarce and which are plentiful.
• B)economies based on price systems are more flexible than centrally planned economies.
• C)economies based on price systems are more likely than centrally planned economies to minimize the cost of producing society's output.
• D)All of the above are correct.

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Definitions:

Hypotheses

Proposed explanations or predictions that can be tested through research and experimentation.

Methodology Section

A part of academic research or reports that outlines how the research was conducted, including the research design, tools, participants, procedures, and analysis techniques.

Correlation

A statistical measure that indicates the extent to which two or more variables fluctuate together, without necessarily implying causation.

Scientific Goals

Objectives or aims of scientific research, which typically include description, explanation, prediction, and control of phenomena.