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23 May, 21:20

A market system is characterized by the private ownership of resources and the use of prices to coordinate economic activity.

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  1. 23 May, 22:24
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    The correct question should have been:

    A market system is characterized by the private ownership of resources and the use of prices to coordinate economic activity. True or False.

    Answer: True.

    Explanation:

    A market system is an economic system that allows for private controlled businesses with little government intervention. In market system the market forces of demand and supply plays an active role in production determination.
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