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Economics
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Prices direct economic activity in a market economy by :

A. influencing the actions of buyers and sellers.

B. reducing scarcity of the goods and services produced.

C. eliminating the need for government intervention.

D. allocating goods and services in the most equitable way.

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Divya Singh
Divya SinghLv10
10 Jan 2021
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Related questions

All of the following statements describe a market economy except: 
 
A. The government prescribes the market prices for goods and services.
B. Prices provide important signals to buyers and sellers.
C. The allocation of resources is determined by their prices.
D. The actions of buyers and sellers establish a product's price in the market economy.

Consumer sovereignty means that:

a. buyers can dictate prices at which goods and services will be offered. 

b. advertising is ineffective because consumers already know what they want. 

c. buyers control the quality of goods and services through regulatory agencies. 

d. buyers determine what will be produced based on their "dollar votes" for goods and services offered by sellers.  

Scarcity can best be defined as a situation in which 

a. There are no buyers willing to purchase what sellers have produced

b. There are not enough goods to satisfy all of the buyers' demand.

c. The resources we use to produce goods and services are limited.

d. There is more than enough money to satisfy consumers' wants.

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