Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

n a market economy, price allocates. The price of a product allocates the production of that product to those companies that can most efficiently produce

n a market economy, price allocates. The price of a product allocates the production of that product to those companies that can most efficiently produce that product. The price of a product also allocates the distribution of that product to those most willing and able to pay for that product. The United States functions primarily as a market economy. Provide an example of a time when the market allocated a product away from you. Explain. Provide an example of a time when the market allocated a product to you. Explain. Provide an example of a time when the market allocated the production of a product away from a particular company. Explain

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Historical Perspectives On The American Economy Selected Readings

Authors: Robert Whaples, Dianne C Betts

1st Edition

0521466482, 9780521466486

More Books

Students also viewed these Economics questions

Question

=+What do you wish you had known when you were starting out?

Answered: 1 week ago