Prices are useful in coordinating society’s economic planning because
A. they convey information about which goods are scarce and which are plentiful.
B. economies based on price systems are more flexible than centrally planned economies.
C. economies based on price systems are more likely than centrally planned economies to minimize the cost of producing society’s output.
D. All of the responses are correct.
Answer: D
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One key characteristic that is distinctive of an oligopoly market is that
a. the demand curve facing each firm is downward sloping, with a marginal revenue curve that lies below the firm's demand curve. b. the decisions of one seller often influence the price of products, the output, and the profits of rival firms. c. there is only one firm that produces a product for which there are no good substitutes. d. there are many sellers in the market and each is small relative to the total market.
The 3 key economic questions include all of the following except:
A. "what products do we produce?" B. "how do we produce these products?" C. "where should these products be produced?" D. "who consumes the products?"