Asked by
Keyshauna Heslip
on Nov 25, 2024
Verified
Which of the following is not a typical characteristic of a market system?
A) freedom of choice
B) competition in product and resource markets
C) consumer sovereignty
D) lack of incentives to produce new products
E) profit as a success indicator
Market System
An economic system based on supply and demand where prices are determined in a free price system.
Consumer Sovereignty
The theory that consumers' preferences determine the production and sale of goods and services in a market.
- Analyze the characteristics and effects of market systems compared to command economies.
Verified Answer
KK
Learning Objectives
- Analyze the characteristics and effects of market systems compared to command economies.
Related questions
Which of the Following Statements About Self-Interest in a Market ...
Which of the Following Is a Distinguishing Feature of Laissez-Faire ...
In a Competitive Market Economy, Firms and Resource Suppliers Seeking ...
South Korea Has Always Been More Prosperous Than North Korea ...
In Analyzing a Market System, Economists Often Assume That Firms ...