Which of the following characteristics best describes a market economy that would be ideal for Tech Innovators' expansion? A. The government controls all major industries and sets... Which of the following characteristics best describes a market economy that would be ideal for Tech Innovators' expansion? A. The government controls all major industries and sets prices for goods and services. B. Prices and production levels are determined by supply and demand, with little government involvement. C. Traditional practices and cultural customs guide economic activities and trade. D. Both government and private businesses share control over the economy and manage the market.
Understand the Problem
The question is asking to identify the characteristic of a market economy that aligns with the requirements outlined by Tech Innovators for their expansion. The company is looking for a market economy with minimal government interference, where supply and demand dictate prices, promoting innovation and competition.
Answer
Prices and production levels are determined by supply and demand, with little government involvement.
The best characteristic for a market economy ideal for Tech Innovators' expansion is that prices and production levels are determined by supply and demand, with little government involvement.
Answer for screen readers
The best characteristic for a market economy ideal for Tech Innovators' expansion is that prices and production levels are determined by supply and demand, with little government involvement.
More Information
In a market economy, the forces of supply and demand are the primary drivers of prices and production levels. This characteristic enables businesses, like Tech Innovators, to adapt quickly to consumer needs and innovations.
Sources
- What Is a Market Economy and How Does It Work? - Investopedia - investopedia.com
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