When collective decision making is utilized to resolve economic questions regarding the allocation of resources,
A) the role of markets will be replaced by political decision making.
B) centralized decision making in all areas is inevitable.
C) the preferences of individuals are of no importance.
D) economic efficiency will be assured.

Question

Quizplus · Accepted Answer

When collective decision making is used, political decision making often replaces market mechanisms to allocate resources, as decisions are made by groups or representatives rather than through supply and demand dynamics.

When Collective Decision Making Is Utilized to Resolve Economic Questions