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SpyIntel [72]
3 years ago
9

Which statement is correct? a. Producers are "Kings" in a market economy because they determine what is produced. b. Freedom of

choice and enterprise are essential elements of the market system. c. The market system is efficient at allocation of resources, but not in getting consumer goods to their most valued uses. d. The operation of a market system eventually results in an equal distribution of income.
Business
1 answer:
Gala2k [10]3 years ago
7 0

Answer:

B) Freedom of choice and enterprise are essential elements of the market system.

Explanation:

A free market system is a system where private parties (suppliers and consumers) decide how resources will be allocated. Consumers are free to decide whether they like or not a product and whether they will purchase it or not. On the other hand, producers are free to decide whether to produce one product or a totally different one, and at what price they want to sell it. Te free market system is extremely efficient in getting goods to consumers that value them the most.

There are no kings in a free market system, and though it is very efficient in creating overall wealth, it is not efficient in distributing wealth and income.

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PilotLPTM [1.2K]

Answer:

The correct answer is option d.

Explanation:

If a demand curve is linear and downward sloping, different points on the line can show different values of slope. The value of slope will be equal to the ratio of change in price to change in quantity demanded. The value of slope will be the same throughout the line.

The price elasticity is the ratio of change in quantity to change in price. The price elasticity can be different for different points on the demand curve.

The points on the lower parts are more inelastic while the points on the upper portion are more elastic. The midpoint represents unit price elasticity.

Since the upper portion is more price elastic, an increase in price will cause a more than proportionate decrease in the quantity demanded. This will cause the total revenue to decrease.

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The distinguishing feature of economic capital (as opposed to financial capital, like money) is that it is:__________. a. expens
seraphim [82]

Answer:

C. Productive

Explanation:

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Bessie started a smell busiess with her brother . After a year, they made a good profit. they than shared the profit equally as
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3 years ago
In Ricci v. DeStefano, Ricci, a white firefighter, took and passed the City of New Haven firefighter's test, required of all app
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Answer:

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Explanation:

Ricci v. DeStefano is a Supreme Court ruling of 2009, after a lawsuit by nineteen firefighters who claimed to have been discriminated against in terms of career development.  They denounced that they had been discriminated after having passed the admission tests and still had not been promoted, since no African-American candidate had passed the tests. They also denounced that they had not been promoted because the Fire Department did not want to promote a group of new recruits without including within it any member of racial minorities.

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Answer:

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Explanation:

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