Which of the Following Is a Fundamental Characteristic of the Market

question 39

Multiple Choice

Which of the following is a fundamental characteristic of the market system?

• A) Property rights.
• B) Central planning by government.
• C) Unselfish behavior.
• D) Government-set wages and prices.

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Definitions:

Animal Behavior

The study of the various activities and interactions of animals, often in their natural environments.

Ethnocentrism

The act of evaluating other cultures according to preconceptions originating in the standards and customs of one's own culture.

Country-of-Origin Effects

The influence that the country where a product is produced has on consumers' perceptions and attitudes towards the product.

Decision-Making Heuristic

Cognitive shortcuts or rules of thumb that simplify decision-making processes, often used under conditions of uncertainty.