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Questions and Answers
What do supply and demand determine in a market economy?
What do supply and demand determine in a market economy?
- Consumer preferences
- Market size
- Government regulations
- Prices (correct)
What is a competitive market defined as?
What is a competitive market defined as?
- A market with government intervention
- A market with limited buyers and sellers
- A market where buyers and sellers have negligible impact on the market price (correct)
- A market with fixed prices
What do the terms 'supply' and 'demand' refer to in the context of markets?
What do the terms 'supply' and 'demand' refer to in the context of markets?
- Consumer preferences
- Behavior of people as they interact with each other in markets (correct)
- Government policies on trade
- Market size and scope
What is the model of the market based on supply and demand primarily dependent on?
What is the model of the market based on supply and demand primarily dependent on?
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What leads to an efficient outcome in the model of supply and demand?
What leads to an efficient outcome in the model of supply and demand?
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