Which of the Following Characteristics Is Least Unique to a Market

question 68

Multiple Choice

Which of the following characteristics is least unique to a market system?

• A) Private ownership of property resources.
• B) Competition among buyers and sellers pursuing monetary returns.
• C) The widespread use of money.
• D) Freedom of enterprise and choice.

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Definitions:

Plaster

A mixture of water, lime, or gypsum, sand, and possibly other materials, used in construction and repair of buildings for coatings, molding, or casting surfaces.

Labor

The human effort, both physical and mental, used in the creation of goods and services.

Positive Supply

A situation in which the quantity of goods or services offered for sale increases as the price increases, adhering to the law of supply.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity of the good that consumers are willing and able to purchase at various prices.