Upgrade to access all content for this subject
Which of the following correctly describes the way that the choice of production method would be made in a command economic system?
Businesses estimate the possible costs of different production methods and choose the method that is least costly.
The government determines the method it considers most effective.
Market research is done to determine consumer demand.
The prices of resources are compared by companies to determine the profit-maximizing combination.
Past production methods are simply repeated from year to year.