A major function of the price mechanism is that it determ...
A major function of the price mechanism is that it determines the
Allocation of resources
Amount of national savings
Population of the country
Number of goods to be taxed
Correct answer is A
The price mechanism is a mechanism where price plays a key role in directing the activities of producers, consumers, resource suppliers. It aids in resource allocation, as both the buyer and seller can decide on what product to produce and what to buy.
During a sale by auction, the price at which the goods finally sold is determined mostly by ...
The following are qualities of money EXCEPT ...
The slope of a supply curve is ...
The term ceteris paribus implies that ...
The choice of how to produce in a command economy is determined by ...
One of these is not a way by which government encourage industrialization? ...
The shape of the long-run average cost curve is best explained by the ...
\(\begin{array}{c|c} \text{Output(kg)} & 240 & 450 & 580 & 630 \\ \hline \text{MR...
A negative effect of the discovery of petroleum on the Nigerian economy is ...