Question: In a market economy: a) the price and quantity of traded goods are determined by the interactions of supply and demand b) the central government runs the economy according to a strict plan to ensure efficient production c) economic decisions are made collectively by groups of people for the good of the community d) the price of and quantity of traded goods are based on longstanding customs and traditions

Question: In a market economy: a) the price and quantity of traded goods are determined by the interactions of supply and demand b) the central government runs the economy according to a strict plan to ensure efficient production c) economic decisions are made collectively by groups of people for the good of the community d) the price of and quantity of traded goods are based on longstanding customs and traditions

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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