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The term market mechanism refers to

a. The use of market prices and sales to signal the desired output.

b. Resource allocation based on a production possibilities curve.

c. Resource allocation based on consumer needs.

d. Government laws and regulations concerning how the market should operate.

Ā 

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Romarie Khazandra Marijuan
Romarie Khazandra MarijuanLv10
8 Jan 2021
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Related questions

The market mechanism may best be defined as:

a. The use of market prices and sales to signal how resources should be allocated

b. The use of market signals and government directives to select economic outcomes

c. The process of determining the number of resources needed to produce an output

d. None of the above

1. How does a price system assess differences in scarcity among economic goods and services?

2. Explain what happens to the supply of wheat when

a. Consumer incomes increase.

b. Labor in the farming industry becomes unionized.

c. There is a technological advance in planting technology.

d. Futures markets predict an increase in corn prices.

e. A new immigration bill passes and it will increase the population.

3. Is it more efficient when the market clears or when the government imposes an effective price floor?

4. What happens to market rationing and resource allocation after the government imposes an effective price ceiling?

5. Can politicians help their constituents by manipulating prices?

6. Will increases in the minimum wage slow down labor market hiring during a recession?

The difference between a monopsonist and a monopolist is that

Select one:

a. a monopolist and a monopsonist can both affect output price, but a monopsonist can also affect resource price.

b. a monopolist can affect output price, whereas a monopsonist can affect resource price.

c. a monopolist can affect resource price, whereas a monopsonist can affect output price.

d. a monopolist sells goods in a perfectly competitive market, whereas a monopsonist buys resources on a perfectly competitive market.

e. a monopsonist and a monopolist can both affect resource prices, but a monopolist can also affect output prices.

In a perfectly competitive output market, the value of the marginal product of a resource is

Select one:

a. greater than the MRP.

b. equal to the MRP.

c. less than the MRP.

d. equal to zero.

e. rising as output rises.

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