In a Market System, a Consumer's Ability to Pay-But Not

In a market system, a consumer's ability to pay-but not necessarily his willingness to pay-is largely based on his income.Difficulty: 02 Medium
Learning Objective: 02-03 Explain how the market system answers the five fundamental questions of what to produce, how to produce, who obtains the output, how to adjust to change, and how to promote progress.Test Bank: II Topic: Five Fundamental Questions