Which of the following statements is correct()
A. Buyers determine supply, and sellers determine demand
Buyers determine demand, and sellers determine supply
C. Buyers determine both demand and supply
D. Sellers determine both demand and supply
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The highest form of competition is called()
A. arbitrage
B. monopolistic competition
C. equilibrium
D. perfect competition
In a market economy, supply and demand determine()
A. both the quantity of each good produced and the price at which it is sold
B. tthe quantity of each good produced but not the price at which it is sold
C. the price at which each good is sold but not the quantity of each good produced
D. neither the quantity of each good produced nor the price at which it is sold
In most societies, resources are allocated by()
A. a single central planner
B. a small number of central planners
C. those firms that use resources to provide goods and services
D. the combined actions of millions of households and firms
When the government implements programs such as progressive income tax rates, which of the following is likely to occur()
A. equality is increased and efficiency is increased
B. equality is increased and efficiency is decreased
C. equality is decreased and efficiency is increased
D. equality is decreased and efficiency is decreased