The type of economic system a producer is operating in determines the way these outputs are distributed, what goods and services are produced as outputs, and how scarce resources are allocated among producers to create these outputs. The most common types of economic systems are market, traditional, command.
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Answer:
From the group of choices provided the correct option is letter "b".
Explanation:
Rent control is an illustration of a price ceiling because it sets the maximun price that a landlords can charge tennants. And the minimum wage is an illustration of a price floor, because it represents the minimum amount that can be charged for a product, good or service.
