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Which of the following explains the factors responsible for setting prices in a free-market system?

  • Question 2c of 10 - Supply and demand

  • Maximum Attempts: 1
  • Question Type: Multiple Choice
  • Maximum Score: 2
  • Question: Which of the following explains the factors responsible for setting prices in a free-market system?
  • Answers:
  1. The balance of costs and benefits.
  2. Revenue minus costs.
  3. The amount of scarcity.
  4. Supply relative to demand.

The correct answer is: Supply relative to demand. Price is determined by how much of a good or service is produced relative to how badly consumers want it.

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