Question

Economic efficiency would be primarily discussed with respect to which of the fundamental questions about a competitive market economy?

A. What to produce
B. How to produce
C. For whom to produce
D. Why to produce

Answer 1

Economic efficiency would primarily be discussed with respect to how to produce in a competitive market economy. Option b

Step-by-step explanation:

Economic efficiency would primarily be discussed with respect to how to produce in a competitive market economy.

In a market economy, businesses decide how goods and services are going to be produced, including the methods, technology, and resources used in production. They would aim to minimize costs and maximize productivity to achieve economic efficiency. This involves using the most efficient production processes, utilizing the appropriate technology, and optimizing the use of resources such as labor and capital.

For example, a business may choose to automate certain tasks to reduce labor costs or invest in new equipment to improve production efficiency. By making these decisions, firms can lower their costs, increase output, and achieve higher profits, resulting in overall economic efficiency in the market economy. Option b