Goods and service problem, The market system's answer to the fundamental question "Who

Goods and service problem

The market system's answer to the fundamental question "Who will get the goods and services?" is essentially: 1) "Those willing and able to pay for them." 2) "Those who physically produced them." 3) "Those who most need them." 4) "Those who get utility from them."

View Complete Question

Related Questions in Microeconomics

Q : Elasticity of Supply Elasticity of

Elasticity of Supply: The law of supply states us that quantity supplied will react to a modification in price. The notion of elasticity of supply elucidates the rat

Q : Raise current consumption by rising in

When interest rates rise, in that case the opportunity costs of: (1) current consumption rise. (2) future consumption rise. (3) current investment decline. (4) government budget deficits decline. (5) saving grows proportionally.

Q : Produce output by profit-maximizing

Unless this chooses to shut down since demand never exceeds average variable costs, in that case a profit-maximizing monopolist makes output where: (i) marginal revenue equals marginal costs [MR = MC]. (ii) marginal revenue minus marg

Q : Idea of low price elasticity of demand

Purposes for the very low price elasticity of demand for salt do not comprise the fact such that this: (w) has few good substitutes. (x) is currently relatively low priced. (y) absorbs only small percentages of most household budgets. (z) is sodium ch

Q : Define tax Tax : It is a compulsory

Tax: It is a compulsory payment prepared by household and firm to government.

Q : Problem on Dynamics When drought causes

When drought causes ranchers to in advance take cattle to the market, one short-run tendency will be for: (1) The demand for beef to rise. (2) Restaurants to experience shortages of the steak. (3) Prices for pork and lamb to decline. (4) Corn and wheat to become less

Q : Derived Demand for resources I have a

I have a problem in economics on Derived Demand for resources. Please help me in the following question. As demands for the resources ultimately based on consumer’s demands for goods then the demand for labor is: (1) Termed as a derived demand.

Q : Profit-maximizing level of output When

When LoCalLoCarbo, the favorite corporation of fad dieters, produces adequate output to minimize its average total costs that will: (1) produce more than the profit-maximizing level of output. (2) concurrently minimize its average variable cost. (3) p

Q : Market adjustment for new equilibrium

This market for peanuts will adjust to a new equilibrium at price: (1) P0 and quantity Q0. (2) P1 and quantity Q0. (3) P2 and quantity Q2. (4) P3 and quantity Q1.

Q : Problem on Elasticity formula Whenever

Whenever the price of plastic moose heads increase from $5 to $7, monthly sales fall from 2000 to 1000 units. By using the arc elasticity formula, the price elasticity of demand will be: (i) 3.0. (ii) 1/3. (iii) 2.0. (iv) 2.5.

Discover Q & A

Leading Solution Library

Avail More Than 1451010 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1927433
Asked

3,689

Active Tutors

1451010

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment