Asked by Angela Fuquay on Jun 09, 2024
Verified
In a market economy, a significant change in consumers' desire for product X will
A) alter the profits or losses received by suppliers of product X.
B) cause a reallocation of scarce resources.
C) cause some industries to expand and others to contract.
D) do all the things mentioned in the other answers.
Significant Change
An alteration that has a major impact on a company, industry, or market, often requiring adjustments to operations or strategies.
Consumers' Desire
The willingness or inclination of consumers to purchase goods and services based on their preferences and needs.
Allocation Of Resources
The process of distributing available resources among various competing needs or projects in an economy.
- Analyze the impact of consumer preferences on the allocation of resources and the structure of output in a market economy.
Verified Answer
Learning Objectives
- Analyze the impact of consumer preferences on the allocation of resources and the structure of output in a market economy.
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