1.)Which statement is correct? a.)The operation of a market system has little, i

Question

1.)Which statement is correct? a.)The operation of a market system has little, if any, effect on the distribution of income in the economy b.)In a market system, buyers and sellers must be in face-to-face contact with each other c.)In a market system, prices serve to ration goods and services to consumers d.)Prices affect the distribution of goods in a market system but not the allocation of resources 2.)The market system communicates changes in market conditions and elicits appropriate responses from businesses and resource suppliers through changes in prices. This is known as the: a.)Guiding function of prices b.)Monetary function of prices c.)Circular flow of income d.)Market determination of prices

Explanation / Answer

1. d 2. b

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