Question

In a market system, scarce goods are allocated by multiple choice 1 market prices that are determined by consumers and producers acting in the public interest. fixed prices that are determined by consumers and producers acting in the public interest. market prices that are determined by consumers and producers acting in their own self-interest. estimated prices that are determined by consumers and producers acting in their own self-interest.

Answer 1

In the market system, scarce resources are allocated by the market prices which are determined by consumers and producers acting in their own self-interest. Therefore, Option C is the correct choice.

What is allocation of scarce resources?

Resource allocation is the assignment of available sources to diverse uses. In the context of a whole economy, sources may be allotted with the aid of using diverse means, inclusive of markets, or planning.

Therefore, In the market system, scarce resources are allocated by the market prices which are determined by consumers and producers acting in their own self-interest. Option C is the correct choice.

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