Connect question for MIE 201 Exam 1 fully solved 2024

Connect question for MIE 201 Exam 1A description of how a particular society distributes its resources to produce goods and services is the definition of - correct answer an economic system When economies are made up of elements from more than one economic system it is referred to as a ___ economy - correct answer mixed In a free enterprise system, a business succeeds or fails based on - correct answer market demand For free enterprise to work, there are a number if basic individual and business rights that must exist including all of the following except - correct answer the right to government intervention to boost the economy Mark, the marketing manager of a large U.S corporation, realizes that Afghanistan has virtually no supply of tomatoes. He conducts a study to see what quantity of tomatoes Afghan customers would be able and willing to buy at different prices. Mark is analyzing Afghanistan's: - correct answer demand for tomatoes The price at which the number of products that businesses are willing to supply is the same as the amount of products that consumers are willing to buy at a specific point in time is called - correct answer equilibrium price What does the intersection between the demand and supply curves show? - correct answer The point where quantity supplied equals the quantity demanded The rivalry among businesses for consumers' dollars is referred to as competition - correct answer competition True or False: Within a free enterprise system there are only two types of competitive environments: pure competition and monopolistic competition - correct answer False