Which of the following contributes to the efficiency of markets?
A) Governments play an active role in the day-to-day operations of markets.
B) Markets are able to bring about an equitable distribution of goods and services.
C) Markets promote equal standards of living.
D) Markets promote competition and voluntary exchange.
Answer: D
Economics
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In the figure above, for the 3,000th unit, the maximum price a consumer is willing to pay is
A) $5. B) $10. C) $15. D) $0. E) $25.
Economics
According to the U.S. Robinson-Patman Act of 1936, price discrimination
A) is always illegal. B) is legal unless it harms competition. C) may be used to drive rivals out of business. D) can only be justified if the price discrimination is due to actual cost differences.
Economics