The Market System Communicates Changes in Supply and Demand and Elicits

question 58

Multiple Choice

The market system communicates changes in supply and demand and elicits appropriate responses from businesses and resource suppliers.This is known as the:

• A)rationing function of prices.
• B)guiding function of prices.
• C)monetary function of prices.
• D)circular flow of income.

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Definitions:

LEO

Low Earth Orbit, referring to a satellite system orbiting relatively close to Earth, often used for telecommunications, military reconnaissance, and satellite imagery.

MEO

In the context of space, Medium Earth Orbit, referring to satellites orbiting Earth at altitudes between Low Earth Orbit (LEO) and Geostationary Orbit (GEO).

Transmission Delay

Transmission delay is the time taken for a message to be transmitted from one point to another in a network, not including the time it takes for it to be propagated or processed.

GEO

Stands for Geographic Information System, a framework for gathering, managing, and analyzing data related to positions on Earth's surface.