Which of the Following Statements Is NOT True About the Price

question 102

Multiple Choice

Which of the following statements is NOT true about the price system?

• A) The price system allows resources to flow from low-valued uses to high-valued uses.
• B) Firms have total control over what consumers can buy.
• C) Individuals have freedom to purchase what they want.
• D) The price system allows for economic efficiency.

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Definitions:

Control Systems

Mechanisms or procedures put in place to guide, manage, or regulate the behavior and operations of an organization or process.

Employee Turnover

The rate at which employees leave a company and are replaced by new employees over a given period.

Qualified Applicants

Individuals who meet the necessary skills, experience, and educational requirements for a job opening.

Recruiting

The process of finding, attracting, and hiring candidates for a job within an organization.