Under a Perfectly Competitive Price System

question 21

Multiple Choice

Under a perfectly competitive price system

• A)an equitable allocation of the available resources will always result.
• B)there is no opportunity for individuals to trade amongst themselves.
• C)there is no reason to expect that voluntary trading will result in an equitable allocation of the available resources.
• D)None of the above will result.

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Definitions:

Egyptian Hieroglyphics

An ancient writing system used in Egypt, which uses symbolic pictures to represent sounds, objects, and concepts.

Iroquois Wampum

A traditional beadwork crafted by the Indigenous Iroquois peoples, used for ceremonial gifts and as a medium of exchange.

Inca Quipus

A recording system used by the Incas, consisting of various colored threads knotted in different ways to represent numbers and possibly narrative information as well.

Phonetic Emulation

The process of attempting to accurately reproduce or mimic the sounds of one language using the phonetic system of another.