Asked by Sebastian Alonso on Jul 17, 2024
Verified
When free markets ration goods with prices, it is both efficient and impersonal.
Ration Goods
Products that are distributed in limited quantities, often through a system of rationing, due to shortages or wartime conditions.
Efficient
In economics, describing an allocation of resources in which it is impossible to make any one individual better off without making at least one individual worse off.
- Comprehend the role of price in allocating resources in open markets and its effectiveness in this capacity.
Verified Answer
TR
Tanya RaglandJul 23, 2024
Final Answer :
True
Explanation :
Prices in a free market allocate goods and services efficiently by balancing supply and demand and are impersonal because they do not consider individual characteristics or needs.
Learning Objectives
- Comprehend the role of price in allocating resources in open markets and its effectiveness in this capacity.