With specialization in a market economy, individual
A) ﬁrms produce a wide range of products.
B) producers consume little or none of the products they produce.
C) producers consume most of the output that they produce.
D) consumers have to produce most of what they consume.

Question

Quizplus · Accepted Answer

Specialization in a market economy means that each individual or firm specializes in producing a particular good or service. This specialization allows them to increase their productivity and efficiency in producing that good or service. However, since they are specialized in producing only one thing, they consume little or none of the products they produce. They instead trade or sell their products to others who specialize in producing different goods or services.

With Specialization in a Market Economy, Individual