Under a Perfectly Competitive Price System

question 11

Multiple Choice

Under a perfectly competitive price system

• A)an equitable allocation of the available resources will always result.
• B)there is no opportunity for individuals to trade amongst themselves.
• C)there is no reason to expect that voluntary trading will result in an equitable allocation of the available resources.
• D)none of these is correct.

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Definitions:

Fallacious Arguments

Reasoning that contains flaws in logic or premise, leading to invalid conclusions or misleading assertions.

Evaluative Adjectives

Adjectives that express a value judgment or assessment about the noun they modify.

Premises

Statements or propositions upon which an argument is based or from which a conclusion is drawn.

Claims

Statements or assertions made about a belief, policy, or proposition that are typically supported by evidence and reasoning.