The main function of price mechanism is to
Limit consumer demand
Enable producers make profit
Allocate scarce resources among competing ends
Ensure consumer sovereignty
Correct answer is C
No explanation has been provided for this answer.
Given that beef and fish are substitutes, a rise in the price of beef relative to that of fish will
Induce greater demand for beef
Induce greater demand for fish
Induce lower demand for fish
Equate demands for beef and fish
Correct answer is B
No explanation has been provided for this answer.
Individual's money income
Price of subtitutes
Price of complementary goods
Price of the commodity under consideration
Correct answer is C
No explanation has been provided for this answer.
It is illegal price cutting
Other competitors will be angry
Total revenue will decline due to its elastic demand curve
It is able to sell all it wants at the market price
It does not maximize profit
Correct answer is C
No explanation has been provided for this answer.
Which of the following statements describes a mixed economy?
The government and the private sector interact in solving the basic economic problems
The invisible hand solves the basic economic problems
The government produces and distributes all goods and services
Society answers the 'what', 'how', and 'for whom' questions only through the market system
Correct answer is A
No explanation has been provided for this answer.