Which of the Following Is NOT Part of a Market

question 94

Multiple Choice

Which of the following is NOT part of a market economy?

• A) Most economic decisions are made by central governments.
• B) Product prices are the principal mechanism for communicating information in the system.
• C) Consumers are free to decide what goods and services to purchase.
• D) The government plays a primary role in protecting private property rights.

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Definitions:

Long-Run Equilibrium

A state in which all factors of production and outputs are variable, leading to a situation where no economic agent has the incentive to alter their behavior.

Economic Profit

The difference between total revenues and the total costs of a firm, including both explicit and implicit costs.

Gas Station

A retail business establishment that sells fuel and engine lubricants for motor vehicles.

Prices Charged

The amount of money demanded by a business in exchange for its goods or services.