In a market economy, the amount of a good that is produced is primarily decided by the interaction of:
a. buyers and sellers
b. all consumers.
c. producers and input suppliers.
d. producers and government planning committees.
a
Economics
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The Lorenz curve
A) shows what portion of the population are living in poverty and what portion are living in wealth. B) shows what portion of total money income is accounted for by different proportions of the nation's households. C) shows what portion of the population is working as professionals, white- and blue-collar, workers and workers at menial tasks. D) breaks down the income levels of each group in the economy.
Economics
Refer to the data. If columns (1) and (3) of the demand data shown are this firm's demand schedule, the profit-maximizing level of output will be:
A. 12 units.
B. 8 units.
C. 10 units.
D. 9 units.
Economics