Question

In market economies, such as the United States, the fundamental question “how will it be produced?” is answered by which of the following?

Question 11 options:

public firms owned and operated by the government


the government


the consumer's level of demand


private firms using resources available

Answer 1

In market economies, such as the United States, the fundamental question "how will it be produced?" is primarily answered by **private firms using resources available**. In a market economy, businesses make decisions about production methods based on efficiency, costs, and consumer demand, which reflects the decentralized nature of economic decision-making.