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 the above.
c
Economics
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A consumer's indifference curves are right angles when, for the consumer, the goods in question are __________
Fill in the blank(s) with correct word
Economics
Eliminating trade barriers does all of the following except
A) increases economic efficiency. B) lowers the average standard of living in a country. C) lowers domestic prices. D) All of the above occur when trade barriers are eliminated.
Economics