ECON 103 Final Exam Questions and Answers 100% accurate

which of the following characteristics is least unique to a market system? - ANSWER-the widespread use of money if competitive industry z is making substantial economic profit, output will: - ANSWER-expand in industry z as more resources will move to that industry from societys point of view, the economic function of profits and losses is to: - ANSWER-reallocate resources from less desired to more desired uses economic profits in an industry suggest the industry: - ANSWER-should be larger to better satisfy consumers desire for the product an increase in consumer desire for strawberries is most likely to: - ANSWER-increase the number of strawberry pickers needed by farmers if competitive industry y is incurring substantial losses, output will: - ANSWER-contract as resources move away from industry y in a market economic, the distribution of output will be determined primarily by: - ANSWER-the quantities and prices of the resources that the households supply firms are motivated to minimize production costs because: - ANSWER-competitive pressures in the market will drive out higher0cost producers the market systems answer to the fundamental question "who will get the goods and services?" is essentially: - ANSWER-those willing and able to pay for them the market systems answer to the fundamental question "how will the system accommodate change?" is essentially: - ANSWER-through the guiding function of prices and the incentive function of profits