Which statement is correct? Multiple Choice The operation of a market system has little, if any, effect on the distribution of income in the economy. In a market system, buyers and sellers must be in face-to-face contact with each other. In a market system, prices serve to ration goods and services to consumers. Prices affect the distribution of goods in a market system but not the allocation of resources.

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16-01-2020
Business

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Which statement is correct? Multiple Choice The operation of a market system has little, if any, effect on the distribution of income in the economy. In a market system, buyers and sellers must be in face-to-face contact with each other. In a market system, prices serve to ration goods and services to consumers. Prices affect the distribution of goods in a market system but not the allocation of resources.

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letmeanswer letmeanswer · Answer 1 · 2020-01-28T13:10:33+01:00

In a market system, prices serve to ration goods and services to consumers.

Explanation:

Goods and services costs decide how money can be efficiently allocated.

We help companies and consumers react to different market conditions in the event of supply shortages and surpluses.

This serves as a rationing tool to show when the demand is scarce and is left to those willing and able to pay.

A mechanism in which supply and demand law guides the production of goods and services is a market economy. Demand encompasses business, corporate and government transactions. Companies will be paying for their goods at the highest price.