Under a Perfectly Competitive Price System

question 7

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.

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Definitions:

Limited Liability Companies

An organizational model that merges the direct tax benefits seen in partnerships or sole proprietorship with the benefit of reduced personal liability found in a corporation.

Qualification

The attributes, knowledge, or skills required to perform a particular job or activity, or the act of meeting such criteria.

States

Politically organized bodies of people under a single government, often referring to the constituent entities that make up a federal union, such as in the United States.

Cooperatives

An organization owned and operated by its members with the objective of benefiting them, often in purchasing or selling goods, obtaining services, or producing goods.