A Friend of Yours Asks You Why Market Prices Are

question 83

Multiple Choice

A friend of yours asks you why market prices are better than government-determined prices.Because you understand economic principles,you say that market-determined prices are better because they generally reflect

• A)the value of a good to society,but not the cost of making it.
• B)the cost of making a good to society,but not its value.
• C)both the value of a good to society and the cost of making it.
• D)neither the value of a good to society nor the cost of making it.

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The application or generalization of skills, knowledge, or attitudes acquired in a learning situation to a different context that requires higher-order understanding or performance.

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