Unit Three Test Answer Key Colonial Economics and Today's World
Unit Three Test Answer Key Colonial Economics and Today's World
Unit Three Test Answer Key Colonial Economics and Today's World
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price will be low. Oversupply of any product often exceeds the dem<strong>and</strong> for it,thus causing its price to go down. When products like car gasoline becomelimited, the dem<strong>and</strong> for them cause the prices to skyrocket, much as they haverecently.36) In a free-enterprise economy, all people are welcome to compete with one anotherfor business. There is limited government interference. Competition for businesshelps keep prices low. This is because merchants competing for the same type ofcustomers may loose customers if they mark prices higher than other competitors.Therefore, free enterprise tends to keep prices in check.2
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