For a market system, which best answers the question, "What goods and services will be produced?" A) Any good for which consumers are willing to pay a high enough price B) Only those goods whose long-term profits are greater than average profits C) Any good whose production is characterized by the lowest cost of technology D) Any good that returns its producers sufficient revenue to cover its total costs

Question

Social Studies

Kamden

8 April, 16:17

For a market system, which best answers the question, "What goods and services will be produced?" A) Any good for which consumers are willing to pay a high enough price B) Only those goods whose long-term profits are greater than average profits C) Any good whose production is characterized by the lowest cost of technology D) Any good that returns its producers sufficient revenue to cover its total costs

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Answers (2)

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Gretchen Munoz · Answer 1

Any good that returns its producers sufficient revenue to cover its total costs

Jairo Sweeney · Answer 2

D) Any good that returns its producers sufficient revenue to cover its total costs

As in a market system the consumer has the freedom to decide what he is going to buy, the producers are left with only the desicion of what to produce, in this case we could say producers will only do things that wont make them loose money.