Asked by
Matthew Hutsell
on Nov 25, 2024Verified
Which of the following statements about self-interest in a market system is false?
A) Self-interest applies only to consumers, not to entrepreneurs.
B) Self-interest of entrepreneurs implies seeking maximum profits or minimum losses.
C) Self-interest usually motivates an individual to deliver something of value to others.
D) In a market system, self-interest motivates property owners to try to get the highest rent or price for their property.
Market System
An economic system where decisions regarding investment, production, and distribution are guided by the price signals created by the forces of supply and demand.
Self-interest
Acting in a way that is most beneficial for oneself.
- Acknowledge the position and aspirations of entrepreneurs in a commercial framework.
- Determine the attributes and consequences of market systems as opposed to command economies.
Verified Answer
ES
Learning Objectives
- Acknowledge the position and aspirations of entrepreneurs in a commercial framework.
- Determine the attributes and consequences of market systems as opposed to command economies.
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