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The goods and services produced, the quantity in which they are produced, and the prices at which they are sold are all planned by the government in a Answer
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- The figure below shows the market for an agricultural product. The government maintains the price of P, by intervention buying. Which area shows the amount that the government spends? Pick a,b,c, or d a. YRTZ b. OPFRY c. PPFTX d. RTX  If executives of various firms met in a smoke-filled hotel room to fix prices and to allocate which firms will produce what quantity of the good or service, then what are they doing?Goods and services that are produced by a household and are not exchanged in a market are known as production.