In the market system, the statement of "Wages, interest, rent, and profit are crucial determinants of the size of each person's income." is an indication of:
A)What will be produced?
B)How will the goods and services be produced?
C)Who will get the output?
D)How will the system accommodate change?

Question

Quizplus · Accepted Answer

The statement highlights how income is distributed among individuals, which is a key determinant of who will get the output in the market system. The other options relate to different aspects of the market system: A) What will be produced is determined by consumer preferences and market demand, B) How will the goods and services be produced is determined by firms optimizing production costs and technology, and D) How will the system accommodate change is determined by the competitive forces of the market and the ability of firms to adapt to new circumstances.

In the Market System, the Statement of "Wages, Interest, Rent