Ñ5 In a market economy,(b) firms decide whom to hire and what to make.(a) households decide which firms to work for and what to buy with their incomes.Both a and b are correct.(c) a central planner makes decisions about production and consumption.

Ans) the correct option is c) Both a and b are correct.

Answered: In a market economy, (b) firms decide…

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter1: What Is Economics

Section1.2: Trade-offs

Problem 3R

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In a market economy, (b) firms decide whom to hire and what to make. (a) households decide which firms to work for and what to buy with their incomes. Both a and b are correct. (c) a central planner makes decisions about production and consumption.