Author Question: What do you mean by the term 'market process'? a. It refers to the way that scarce goods and ... (Read 24 times)

j.rubin · **on:** Jun 30, 2018

What do you mean by the term 'market process'?
a. It refers to the way that scarce goods and services are allocated through individual actions and self-interest of buyers and sellers.
b. It refers to the way that scarce resources are allocated by a government to firms that value them the most.
c. It refers to the way in which markets adjust to changes in demand and supply.
d. It refers to a system in which goods and services are exchanged through transactions by private households and firms.
e. It refers to a way in which final goods and services are distributed to potential consumers.

Question 2

As an individual increases his consumption of onion rings, it is likely that:
a. his marginal utility and total utility both increase.
b. his marginal utility and total utility both decrease.
c. his marginal utility increases and his total utility decreases.
d. his marginal utility decreases and his total utility increases.