[amp_mcq option1=”a planning committee” option2=”the elected representatives of the people” option3=”the price-mechanism” option4=”none of the above” correct=”option3″]<\/p>\n
The correct answer is C. the price-mechanism.<\/p>\n
In a free-enterprise economy, the problems of what, how and for whom are solved by the price-mechanism. The price-mechanism is a system in which the prices of goods and services are determined by the interaction of supply and demand. This system allows for the efficient allocation of resources and the satisfaction of consumer wants.<\/p>\n
A planning committee is a group of people who are responsible for planning the economy of a country. They do this by setting production targets, allocating resources, and determining prices. A planning committee is not used in a free-enterprise economy.<\/p>\n
The elected representatives of the people are responsible for making laws and policies. They do not have a direct role in solving the problems of what, how and for whom in a free-enterprise economy.<\/p>\n
None of the above is not the correct answer.<\/p>\n","protected":false},"excerpt":{"rendered":"
[amp_mcq option1=”a planning committee” option2=”the elected representatives of the people” option3=”the price-mechanism” option4=”none of the above” correct=”option3″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-57141","post","type-post","status-publish","format-standard","hentry","category-economics","no-featured-image-padding"],"yoast_head":"\n