Author Question: The price system allocates resources efficiently EXCEPT when A) consumers decide they want more ... (Read 42 times)

gbarreiro · **on:** Jun 29, 2018

The price system allocates resources efficiently EXCEPT when

A) consumers decide they want more of a good.
B) resources are utilized to produce the highest-valued goods and services.
C) voluntary exchange exists.
D) the production of a good affects parties other than its buyers and sellers.

Question 2

Wants

A) is another term for needs.
B) refer to services while needs refer to goods.
C) is the term used by economists instead of needs because needs are not objectively definable.
D) are used by economists and refer to the same thing as needs when used by psychologists.