Which of the Following Refers to an Economic System in Which

question 1

Multiple Choice

Which of the following refers to an economic system in which the interaction of supply and demand determines the quantity in which goods and services are produced?

• A)barter
• B)command
• C)market
• D)regulated
• E)centrally planned

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Definitions:

Altruistic Punishment

Punishing wrongdoers at a cost to oneself, often done to uphold social norms or promote cooperative behavior within a group.

Vigilante Correction

The act of taking the law into one's own hands, often through unofficial or unauthorized means, to correct perceived injustices.

Bad Apple Effect

The Bad Apple Effect describes how the negative behavior of one individual can influence and spoil the group dynamics or morale.

Social Loafing

The phenomenon where individuals exert less effort to achieve a goal when they work in a group compared to when they work alone.