Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
What determines the allocation of a scarce resource in a market?
What determines the allocation of a scarce resource in a market?
- The resource owners' social status
- The government regulations
- The people who are willing to pay the market price (correct)
- The resource owners' personal preferences
How are most scarce resources allocated in markets?
How are most scarce resources allocated in markets?
- By the resource owners' connections
- By the resource owners' social media presence
- By the market price (correct)
- By the resource owners' political influence
In which manner do people sell their labor services and buy most of what they consume?
In which manner do people sell their labor services and buy most of what they consume?
- Via government distribution programs
- In markets (correct)
- Through community sharing initiatives
- Through barter systems
