Characteristics of the Price System in a Market Economy

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which of the following is NOT a pricing principle?

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1. Prices are neutral because:

2. What is the opposite of a market economy?

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About This Quiz & Worksheet

Discover how much you know about the price system in a market economy with these study assessments. Answer questions on areas of study that include pricing principles and why prices are neutral.

Quiz & Worksheet Goals

Test how well you understand the following:

  • The opposite of a market economy
  • What makes prices efficient in a market economy
  • The equilibrium point

Skills Practiced

  • Information recall - access the knowledge you've gained regarding the equilibrium point
  • Making connections - use understanding of the concept of a market economy to recognize what would be its opposite
  • Reading comprehension - ensure that you draw the most important information from the related lesson on the price system in a market economy

Additional Learning

To learn more about this area of study, feel free to review the lesson called Characteristics of the Price System in a Market Economy. Follow along with these study guidelines:

  • Analyze the concept of prices
  • Recognize the connection of producers and consumers with regard to price
  • Define market economy
  • Understand how prices are flexible
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