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Which of the following is not characteristic of a private enterprise economy?
The government controls all exchange activities between producers and consumers.
monopolistic competition
the desire to provide employment for as many people as possible
demand
place a lower value on it
form utility
scarcity
possession utility
Which of the following factors usually would not influence what and how many products or services a business will produce in a market economy?
The government controls all exchange activities between producers and consumers.
monopolistic competition
the desire to provide employment for as many people as possible
demand
place a lower value on it
form utility
scarcity
possession utility
This type of economic utility results from changes in the tangible parts of a product or service.
The government controls all exchange activities between producers and consumers.
monopolistic competition
the desire to provide employment for as many people as possible
demand
place a lower value on it
form utility
scarcity
possession utility
A relationship between the quantity of a product consumers are willing and able to purchase and the price is called
The government controls all exchange activities between producers and consumers.
monopolistic competition
the desire to provide employment for as many people as possible
demand
place a lower value on it
form utility
scarcity
possession utility
When a business offers to sell products to customers on credit, what kind of utility is it offering to customers?
The government controls all exchange activities between producers and consumers.
monopolistic competition
the desire to provide employment for as many people as possible
demand
place a lower value on it
form utility
scarcity
possession utility
What type of situation exists in a market in which many firms compete with products that are somewhat different?
The government controls all exchange activities between producers and consumers.
monopolistic competition
the desire to provide employment for as many people as possible
demand
place a lower value on it
form utility
scarcity
possession utility
If there is a very large supply of a product, consumers will usually
The government controls all exchange activities between producers and consumers.
monopolistic competition
the desire to provide employment for as many people as possible
demand
place a lower value on it
form utility
scarcity
possession utility
The basic economic problem is
The government controls all exchange activities between producers and consumers.
monopolistic competition
the desire to provide employment for as many people as possible
demand
place a lower value on it
form utility
scarcity
possession utility
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