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12) The economic system in which producers and consumers control production and allocation decisions through supply and demand is called: b) market economy planned economy communism socialism

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Related questions

25) Socialism is best described as: b) c) an economy that is free from any regulation or planning an economic system with elements of both a planned economy and a market economy a kind of command economy in which the government owns and operates all industries a kind of command economy in which the government owns and operates many of the factors of production, including many large critical industries

32) Which of the following best describes the term gross domestic product? a) total value of all goods and services produced within a given period by a national economy through domestic factors of production total quantity of goods and services produced by an economic system conditions of the economic system in which an organization operates total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located

18) Equilibrium in the market is attained when: b) there are no dramatic changes in the market over time the laws of supply and demand interact to set the price and quantity of a product at which buyers and sellers agree suppliers are willing to produce the quantity demanded consumers are willing to pay the price being charged d)

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