Question: Which statement is correct? Multiple Choice Producers are kings in a market economy because they determine what is produced. Freedom of choice and enterprise

Which statement is correct? Multiple Choice Producers are "kings" in a market

Which statement is correct? Multiple Choice Producers are "kings" in a market economy because they determine what is produced. Freedom of choice and enterprise are essential elements of the market system The market system is efficient at allocation of resources, but not consumer goods to their most valued uses. The operation of a market system eventually results in an equal distribution of income.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

How does it benefit that the Constitution of Puerto Rico is based on that of the United States? Substantiate your answer. Is Puerto Rico complying with the Constitution's provisions on freedom of...

51. Which statement is correct? A) The operation of a market system eventually results in an equal distribution of income. B) Producers are "kings" in a market economy because they determine what is...

I have asked three questions with my textbook chapter in which they come from. it would be greatly appreciated if you could help me answer these three questions. Thanks so much. :) 1. What is the...

STRATEGY How Companies Become Platform Leaders Under the right circumstances, * companies of any size can grow to become platform leaders. And particular business and technology decisions can help...

HI PLEASE ANSWER ALL 1. Assume the market for apples is initially in equilibrium. Which of the following will result in a higher equilibrium price of apples? a. An increase in both the demand for and...

Which statement is correct? Freedom of choice and enterprise are essential elements of the market system. The operation of a market system eventually results in an equal distribution of income. The...

J. of the Acad. Mark. Sci. (2013) 41:389-399 DOI 10.1007/s11747-013-0331-z CONCEPTUAL/THEORETICAL PAPER Elevating marketing: marketing is dead! Long live marketing! Frederick E. Webster Jr. & Robert...

1. Explain pacioli's opinion on the role of Profit and add your opinion on it. 2. How can we define the "reasonable profit"? Is it related to the goal of business? If yes, how is it related? If no,...

What are some of the lessons T. Sowell wishes us to learn regarding the examples of Toyota, McDonalds, and Howard Johnson? Explain their successes and/or mistakes, as well as those of some of their...

Conducting successful international sport business requires sound and ethical decision making. Leading sport businesses realize that managers face many different situations that may require them to...

The increase of pressure on ice water system at constant temperature will lead to (a) no effect on that equilibrium (b) a decrease in the entropy of the system (c) a shift of the equilibrium in the...

The path of a total solar eclipse is modeled by f ( ) = 0 . 0 0 3 1 1 t 2 - 0 . 5 6 6 t 4 2 . 4 2 7 , where fill is the lattude in degrees south of the equator at t minutes after the start of the...

A local gas station owner, Michael, is looking to invest in LED lighting displays around his fuel pumps to distinguish his station from the one just down the street. He has received several bids from...

Imagine that you are Magna's new corporate controller and answer the following: 1. Describe Magna's strategy in terms of how it competes for customers. 2. Based on Magna's strategy and the data...

You will play the roles of a Freight Forwarder and a materials and distribution manager for Apotex Pharmaceuticals in Toronto. Your role is the materials and distribution manager for Apotex...

Questions 4. What would be a reasonable estimate of total cost for January of Year 2? 5. With only a 5 percent risk of being wrong, would you accept without investigation a January of Year 2 actual...

The following trial balance was extracted from the books of JCV Ltd. as at 30 September 2019: $ $ Land and buildings 151,000 Motor vehicles at cost 60,000 Accumulated depreciation on motor vehicle (1...

Design a minimum-mass symmetric three-bar truss (the area of member 1 and that of member 3 are the same) to support a load P, as was shown in Fig. 2.9. The following notation may be used: Pu = P cos...

Many companies make annual reports available on their corporate Internet home page. Annual reports also can be accessed through the SECs EDGAR system at www.sec.gov (under Forms, search for ARS or...

Livingston Company is a wholly owned subsidiary of Rose Corporation. Livingston operates in a foreign country with financial statements recorded in goghs (GH), the companys functional cur rency....

Diekmann Company, a U.S.-based company, acquired a 100 percent interest in Rakona A.S. in the Czech Republic on January 1,2008, when the exchange rate for the Czech koruna (Kcs) was $0.05. Rakonas...