What is the type of mechanism that answers the basic economic questions through a decentralized decision making process?
A) market system
B) dictatorship
C) command and control
D) mixed economic system

Question

Quizplus · Accepted Answer

A market system is a type of mechanism that answers the basic economic questions through a decentralized decision making process. In this system, prices and supply are determined by the interaction of buyers and sellers in the market, without any central authority controlling the process. This system is based on the concept of supply and demand, where prices respond to changes in supply and demand in the market. It is a flexible and adaptable system that can respond quickly to changes in market conditions, making it an effective tool for economic growth and development.

What Is the Type of Mechanism That Answers the Basic