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Today, 07:40

The market system's answer to the fundamental question "how will the goods and services be produced?" is essentially

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  1. Today, 07:48
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    The answer is: "At least-cost production."

    ' How goods and services be produced?' is a question that would determine the number of type of equipment that we need to purchase, the number of workers we need to hire, and the type of materials should we use.

    All of these would influence the total cost of production. Which mean that this question can be used to answer the most cost-efficient method for a company to produce its goods/services.
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