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Question: In a market economy:  a. government owns the means of production so that it can produce what is i...

Show transcribed image text In a market economy: a. government owns the means of production so that it can produce what is in best interest. b. businesses design their plans to maximize their profit and the market is relied upon to see that individual self-interest is consistent with society's interest. c. workers are directed by government planning boards to produce what is in society's best interest. d. government sets prices to make necessities affordable because it is in society's best interest to make affordable. Suppose that college tuition is higher this year than last year and that more students are enrolled in college this year than last year. Based on this information, we can best conclude that: a. the law of demand is invalid. b. despite the increase in price, quantity demanded rose due to some other factor changing. c. this situation has nothing to do with the law of demand. d. the demand for a college education is positively sloped. Which of the following would likely result in an increase in the demand for beef? a. A decrease in the supply of beef lb. An increase in family incomes c. An increase in the price of feed grains for cattle d. A decrease in the price of pork Refer to the table that presents Mike and Janet's demand for apples by the peck. If they are the only two in the market, which of the following represents a point on the market demand curve? a. price = $1, quantity = 18 b. price = $2, quantity = 21 c. price = $4, quantity = 0 d. price = $4, quantity = 21

In a market economy: a. government owns the means of production so that it can produce what is in best interest. b. businesses design their plans to maximize their profit and the market is relied upon to see that individual self-interest is consistent with society's interest. c. workers are directed by government planning boards to produce what is in society's best interest. d. government sets prices to make necessities affordable because it is in society's best interest to make affordable. Suppose that college tuition is higher this year than last year and that more students are enrolled in college this year than last year. Based on this information, we can best conclude that: a. the law of demand is invalid. b. despite the increase in price, quantity demanded rose due to some other factor changing. c. this situation has nothing to do with the law of demand. d. the demand for a college education is positively sloped. Which of the following would likely result in an increase in the demand for beef? a. A decrease in the supply of beef lb. An increase in family incomes c. An increase in the price of feed grains for cattle d. A decrease in the price of pork Refer to the table that presents Mike and Janet's demand for apples by the peck. If they are the only two in the market, which of the following represents a point on the market demand curve? a. price = $1, quantity = 18 b. price = $2, quantity = 21 c. price = $4, quantity = 0 d. price = $4, quantity = 21