An important aspect of the market system is that producers and consumers always have to consider the public interest in making production and consumption decisions. TrueFalse

Question

Laney Miller

Business

28 February, 13:50

An important aspect of the market system is that producers and consumers always have to consider the public interest in making production and consumption decisions. TrueFalse

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Answers (1)

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William · Answer 1

The statement is: False.

Explanation:

In a market system or market economy, the output is determined by the natural forces of the market participants, that is demand and supply. Though, each of them intervenes in the economy according to their interest. Businessmen tend to control the production resources at will to generate revenue under this type of market.