An economy in which people exchange goods and services in a market is called a ...
An economy in which people exchange goods and services in a market is called a
centrally planned economy.
command economy.
market economy.
socialist economy.
Suppose that if poor households have a price elasticity of demand for medical care of 0.70 and wealthy households have a price elasticity of demand for medical care of 0.10, then a 10% increase in the price of medical care would lead to poor households reducing their quantity demanded for medical care by
seven times the amount that wealthy household reduce their quantity demanded for medical care.
one-seventh the amount that wealthy households reduce their quantity demanded for medical care.
ten times the amount that wealthy household reduce their quantity demanded for medical care.
one-tenth the amount that wealthy households reduce their quantity demanded for medical care.
In which system are decisions made by thousands of people who have information about resources, production technology and consumer desires?
centrally planned system
command system
market system
socialist system
In a market economy, what encourages firms to develop new products and production processes?
contracts
insurance
patents
accounting rules
Homework Answers
1):-:-C is right option, market economy.
market economy is defined as the economic system in which demand, supply, and the price system help people make desicions it is a free enterprise economy
market is defined as a meeting place for buyers and sellers
3) :- C is right option,
in market system are decisions made by thousands of people who have information about resources, production technology and consumer desires
market system is capitalism in nature in which private ownership of factors of production & decisions based on market system.
market system is defined as the system in which goods and services are produced & supplied by whoever is willing to do so
Under market system pure capitalism goverment should only protect property rights and enforce legal system
4) :- C is right option,
Patents is defined as it increase the profitability of inventions, encouraging firms to develop new products and production processes.
Sorry for question number two but i am unble to solved it, thank you
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