Question

How is the demand met? What are the products to meet the need? To what extent is the current level of supply meeting the demand?

a) Demand is met through market competition, and the products vary based on consumer preferences.
b) Demand is met through government regulation, and the products are standardized.
c) Demand is met through technological innovation, and the products are constantly evolving.
d) Demand is met through charitable organizations, and the products are donated.

Answer 1

The demand is met through market competition, and the products vary based on consumer preferences.

Step-by-step explanation:

a) Demand is met through market competition, and the products vary based on consumer preferences.

b) Demand is met through government regulation, and the products are standardized.

c) Demand is met through technological innovation, and the products are constantly evolving.

d) Demand is met through charitable organizations, and the products are donated.

The correct answer is a) Demand is met through market competition, and the products vary based on consumer preferences.

In a market economy, demand is met through the interaction of buyers and sellers in the marketplace. Market competition allows for a variety of products to be offered to meet consumer preferences. This means that businesses will produce and offer different products to compete for consumer demand.