Which of the Following Results from the Market System of Resource

question 47

Multiple Choice

Which of the following results from the market system of resource allocation?

• A)Equitable distribution of resources
• B)High opportunity cost of production
• C)Excess supply of goods and services resulting in decreased profits
• D)Unequal distribution of income and wealth
• E)Allocation of the goods and services to them who need them the most

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Definitions:

Price Elasticity of Demand

A determination of demand's sensitivity to pricing shifts of a product.

Agricultural Risk Coverage Program

A U.S. government program that provides financial assistance to agricultural producers when crop revenues or yields fall below guarantee levels.

Agricultural Act

Legislation passed to regulate agricultural markets, support farm incomes, and provide price supports for farmers.

Food, Conservation, and Energy Act

A piece of U.S. legislation, often referred to as the 2008 Farm Bill, which governs agricultural and food policy, including conservation, energy, and support for farmers.