The Price System Allocates Resources Efficiently EXCEPT When

question 90

Multiple Choice

The price system allocates resources efficiently EXCEPT when

• A) consumers decide they want more of a good.
• B) resources are utilized to produce the highest-valued goods and services.
• C) voluntary exchange exists.
• D) the production of a good affects parties other than its buyers and sellers.

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Definitions:

Primary Management Function

The foundational tasks or responsibilities that managers undertake to plan, organize, lead, and control organizations effectively towards achieving goals.

Planning

The process of making detailed proposals for doing or achieving something in the future.

Concept To Reality

Involves transforming abstract ideas into tangible outcomes or products through planning, development, and execution.

Planning

The process of defining objectives, deciding on strategies, and outlining tasks and schedules to achieve the desired outcomes.