Another name for a market economy isO the law of demand.the law of supply.comparative advantage.the price system.

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Another name for a market economy is O the law of demand. O the law of supply. comparative advantage. the price system.

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter24: Perfect Competition

Section: Chapter Questions

Problem 16E

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Question

Another name for a market economy is
O the law of demand.
the law of supply.
comparative advantage.
the price system.

Expert Solution

Step 1- Introduction

The economics as a study is based upon the idea that the resources which are present with the economies tend to be limited in nature, while the wants and desires of people, and other entities in these economies are limitless. The entities in these economies have to make decisions, choices, and tradeoffs in order to choose amongst various alternatives.

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