Which of the Following Statements About Markets Is False

question 146

Multiple Choice

Which of the following statements about markets is false?

• A) markets are used to allocate resources in market systems
• B) markets can vary in geographical size
• C) prices are used to allocate goods in markets
• D) markets are used to allocate resources in centrally-planned socialist economic systems
• E) supply and demand explains how prices are set in competitive markets

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Definitions:

Eyeglasses

Optical devices consisting of lenses mounted in a frame that aid in correcting or assisting vision.

Superior

An individual with a higher rank or position who often has supervisory or managerial responsibilities over others.

Upward Communication

The process through which employees communicate information, feedback, or concerns upward in the organizational hierarchy to their superiors.

Dropped In Importance

Situations or items that have become less significant or prioritized over time.