One Major Characteristic of the Price System Is That

question 209

Multiple Choice

One major characteristic of the price system is that

• A) consumers together are the ones who ultimately decide what is produced.
• B) individual sellers ultimately decide what is produced in the market.
• C) competition among sellers is reduced.
• D) all exchanges are regulated by the government.

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Definitions:

Positive Statement

An objective analysis or statement based on factual information, without any subjective or opinion-based commentary.

Balance Of Trade

The difference in value between a country's imports and exports over a certain period of time.

Electoral College

The Electoral College is a constitutionally established body in the United States that elects the President and Vice President, with electors from each state based on its representation in Congress.

Policy Statements

Official statements outlining the stance or approach of an organization or government on specific issues, guiding decisions and actions.