An Economy in Which the Interaction of Supply and Demand

question 26

Multiple Choice

An economy in which the interaction of supply and demand determines the quantity in which goods and services are produced is called a

• A) planned economy.
• B) command economy.
• C) closed economy.
• D) market economy.

---

Definitions:

Little or No Association

A statistical term indicating a weak or nonexistent relationship between two variables.

Explanatory

pertaining to or serving to explain, often used to describe variables that aim to explain observed phenomena.

Response

The outcome or measurement of interest in a study or experiment that is influenced by the independent variable.

Year

A period of approximately 365 days or 12 months, used for reckoning time in accordance with the Gregorian calendar.