Which of the following is true?
a. Markets determine what goods are going to be produced, but not the distribution of output among members of society.
b. Markets determine the distribution of output among members of society, but not what goods are going to be produced.
c. Markets determine both what goods are going to be produced and the distribution of output among members of society.
d. Government can redistribute income without changing what will be produced in a society.
c
You might also like to view...
Explain why market power leads to a deadweight loss. Is the total deadweight loss from market power in the United States large or small?
What will be an ideal response?
A public good is
A. a good that the public must pay for. B. nonexcludable in consumption. C. more costly than a private good. D. paid for by the government.