Question

In a market​ system, what determines how goods and services will be​ produced?

a. firms determine how goods and services will be produced.
b. ​consumers, firms, and the government determine together how goods and services will be produced.
c. consumers determine how goods and services will be produced.
d. the government determines how goods and services will be produced

Answer 1

A market system is a network of buyers, sellers and other players that come together to trade a given product or a service. The players of a market system includes direct market players such as producers, buyers and sellers who drive market economic activities. In a market system, the production of goods and services is determined by the firms. Therefore the correct answer is A