​Figure 52

question 8

Multiple Choice

​Figure 5.2. The figure shows the supply and demand curves of a firm.
-Which of the following possibly determines the allocation of goods and services in a free market?​

• A)​The availability of raw materials
• B)​The cost of production
• C)​The level of government intervention
• D)​The ability of the producers to produce a differentiated product
• E)​The willingness and ability of consumers to pay for the product

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Definitions:

Picnic Organizer

An individual or tool that assists in planning and coordinating the various aspects of a picnic event, including location, food, and activities.

Telecommunications Company

A business that provides services for telecommunication – the exchange of information over significant distances through electronic means.

ISP

Internet Service Provider; a company that provides customers with Internet access.

Internet Access

The ability of individuals or organizations to connect to the Internet using computers, phones, or other devices.