Which of the following statements is NOT true about the price system?
A) The price system allows resources to flow from low-valued uses to high-valued uses.
B) Firms have total control over what consumers can buy.
C) Individuals have freedom to purchase what they want.
D) The price system allows for economic efficiency.
Answer: B
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A) demand for wine shifts to the left. B) demand for wine shifts to the right. C) supply of wine shifts to the right. D) supply of wine shifts to the left.
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