In market economy, the question of what, how and for whom...
In market economy, the question of what, how and for whom to produce are solved by the
Elected representative
Planning committee
Price mechanism
Government
Correct answer is C
The interaction of buyers and sellers in free markets enables goods, services, and resources to be allocated prices. Relative prices, and changes in price, reflect the forces of demand and supply and help solve the economic problem.
The question of what to produce, how to produce and for whom to produce are solved by the prices consumers are willing to pay in exchange for the produced goods, and the price the producers are willing to accept.
The situation whereby in a fiscal year a government’s revenue receipt are less than its expend...
One of the advantages of large - scale production is that ...
Money is able to function more as a medium of exchange when ...
By utility we mean____________ ...
The effect of the demand for product A caused by a change in the price of product B is called? ...
The marketing of government security by the Central Bank is termed ...
The demand for two or more commodities to satisfy a particular want is _____? ...
One of the positive contributions of the petroleum industry to Nigeria’s economic development ...
Which of the following is an indirect tax? ...
The table above shows a demand schedule for eggs. What is the equilibrium price? ...