Determines how societys output will be distributed

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Reference no: EM131253410

In a free market, the price system determines how society's output will be distributed by:

A. ensuring that low income people can buy all of the necessities for living.

B. providing goods for those willing and able to pay the equilibrium price.

C. ensuring that each commodity is produced by the most efficient technique.

D. allowing all those who desire a commodity to buy it.

If two goods are substitutes for each other, an increase in the price of one will necessarily:

A. decrease the demand for the other

B. increase the demand for the other

C. decrease the quantity demanded of the other

D. increase the quantity demanded of the other

Reference no: EM131253410

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