The Miracle of Markets Is That

question 39

Multiple Choice

The miracle of markets is that

• A) markets coordinate smart choices of consumers and businesses without any role for government.
• B) businesses are free to set any prices they choose.
• C) consumers and businesses learn about each others' personal wants and production capabilities.
• D) the products and services we want are produced as a byproduct of individual decisions made by complete strangers.
• E) scarcity is eliminated by the interaction of demand and supply in markets with appropriate property rights.

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Definitions:

RNA Polymerase

An enzyme that catalyzes the synthesis of RNA from a DNA template.

Promoter Sequence

A specific region of DNA where RNA polymerase binds and initiates transcription of the gene.

Redundancy

The duplication of critical components or functions of a system with the intention of increasing reliability of the system.

Genetic Code

The set of rules by which information encoded within genetic material (DNA or mRNA sequences) is translated into proteins by living cells.