A company which charges a lower price than may be indicated by economic analysis to gain a foothold in the market is practicing

In the United States, spending on Social Security, Medicare, and Medicaid was approximately ________ of GDP in 1962, and is expected to be approximately ________ of GDP in 2050

A) 12%; 50% B) 3%; 20% C) 40%; 5% D) 25%; 65%

The price mechanism

A. works best when many competing business firms are in each industry. B. works best when government through a central planning agency sets prices. C. works best when corporations set prices for a market economy. D. All of the choices are true about price mechanism.