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An Important Function Of The Price System Is To? - Erudites Academy

An important function of the price system is to?

by | Oct 22 | Economics JAMB | 0 comments

A. ensure that producers’ profits remain high
B. guarantee full employment of resources
C. allocate resources to most productive uses
D. protect the economic interests of government

Correct Answer:

Option B – guarantee full employment of resources

Explanation

The distribution of scarce resources among competing producers is one of the main functions of price mechanism. Those indus­tries which can offer the highest prices for the factors of production are able to attract supplies.

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