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5. In a free market, prices lead to an efficient allocation of resources. In other words, A. consumers can buy unlimited amounts of any good they like at a price of their choice. B. resources are used in the most valuable and productive way according to the needs of consumers and producers. C. the government decides who controls natural resources. D. people who own resources are unable to bargain with people who wish to buy resources.
In a free market, prices lead to an efficient allocation of resources. In other words, resources are used in the most valuable and productive way according to the needs of consumers and producers.
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Asked 11/12/2013 1:04:22 PM
Updated 135 days ago|7/1/2018 1:12:55 PM
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In a free market, prices lead to an efficient allocation of resources. In other words, resources are used in the most valuable and productive way according to the needs of consumers and producers.
Added 135 days ago|7/1/2018 1:12:55 PM
This answer has been confirmed as correct and helpful.
Confirmed by Masamune [7/2/2018 1:29:31 AM], Masamune [7/2/2018 1:29:31 AM]
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Questions asked by the same visitor
13. What determines the price and the quantity produced of most goods? A. the consumer’s perception of necessity B. the interaction of supply and demand C. the availability of substitutes for the goods D. the quality of the goods that are produced
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Updated 1/6/2015 11:12:51 AM
1 Answer/Comment
The interaction of supply and demand determines the price and the quantity produced of most goods.


Added 1/6/2015 11:12:51 AM
This answer has been confirmed as correct and helpful.
Confirmed by sujaysen [1/6/2015 11:29:57 AM]
16. What factor has the greatest influence on elasticity and inelasticity of supply? A. profit B. time C. labor D. financing
Question
Expert Answered
Updated 3/10/2015 12:22:38 PM
1 Answer/Comment
TIME has the greatest influence on elasticity and inelasticity of supply.

Added 3/10/2015 12:22:38 PM
This answer has been confirmed as correct and helpful.
Confirmed by jeifunk [3/10/2015 12:37:56 PM]
1. What happens when wages are set above the equilibrium level by law? A. Firms tend to try to break the law and hire people at the equilibrium level. B. Firms employ more workers than they would at the equilibrium wage. C. Firms employ fewer workers than they would at the equilibrium wage. D. Firms hire more workers but for fewer hours than they would at the equilibrium wage.
Question
Expert Answered
Updated 3/10/2015 1:02:12 PM
1 Answer/Comment
When wages are set above the equilibrium level by law: firms employ fewer workers than they would at the equilibrium wage.


Added 3/10/2015 1:02:12 PM
This answer has been confirmed as correct and helpful.
Confirmed by sujaysen [3/10/2015 2:45:16 PM]
3. A shortage will develop when A. the quantity supplied of a good is greater than the quantity demanded of that good. B. the equilibrium quantity supplied is lower than the actual quantity supplied. C. the government provides subsidies to producers. D. the market price is below the equilibrium price.
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Updated 10/3/2017 7:44:59 AM
2 Answers/Comments
A shortage will develop when: the quantity supplied of a good is greater than the quantity demanded of that good.
Added 10/3/2017 7:34:26 AM
This answer has been flagged as incorrect.
Flagged by Masamune [10/3/2017 7:45:02 AM]
A shortage will develop when the market price is below the equilibrium price.
Added 10/3/2017 7:44:59 AM
This answer has been confirmed as correct and helpful.
4. Which of these is most likely to lead directly to a black market? A. a supply shock B. a price floor C. rationing D. equilibrium
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Updated 3/13/2015 3:14:39 PM
1 Answer/Comment
RATIONING is most likely to lead directly to a black market.
Added 3/13/2015 3:12:49 PM
This answer has been confirmed as correct and helpful.
Confirmed by yumdrea [3/13/2015 3:15:59 PM]
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