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8. The market system is a method of (a) making economic decisions by centralplanning b) communicating and coordinating economic 15. Wh ducing decisions (e) promoting specialization, but not division of labor (d) allocating money, but riot economic profils or losses O ver
13. Which would necessarily resull, sooner or later, from a decrease in consumer demand for a product? (a) a deciease in the profits of fims in the industry (b) an increase in the ouiput of the industry (c) an increase in the supply of the product (d) an inoiease in the pices of resources employed by the fimis in the industy
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Answer #1

The market system is a method of b) communicating and coordinating economic decisions.

It is true for market system.

A decrease in consumer demand for a product will sooner or later result in a) a decrease in the profits of firm in the industry.

When the demand for that product falls, ultimately less of supply will be made, and less profit will be made by the firm.

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