U U 20. The market system: A. produces considerable inefficiency in the use of s

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20. The market system: A. produces considerable inefficiency in the use of scarce resources produces considerable inefficiency in B, effectively harnesses the incentives of workers and entrepreneurs C. is not consistent with freedom of choice in the long run. D. has slowly lost ground to emerging command systems. 21. The simple circular flow model shows that: A. households are on the buying side of both product and resource markets B. businesses are on the selling side of both product and resource markets C. households are on the selling side of the resource market and on the buying side product market D. businesses are on the buying side of the product market and on the sellin resource market 22. The two basic markets shown by the simple circular flow A capital goods and consumer goods B. free and controlled

Explanation / Answer

ANSWER:

1) OPTION B AS THIS IS WHAT MARKET SYSTEM DOES IN AN ECONOMY.

2) OPTION C ( FACT)

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