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In the mixed economy
  • a)
    economic problems are solved by the government and market.
  • b)
    economic decisions are made by the private sector and free market
  • c)
    economic allocation is achieved by the invisible hand.
  • d)
    economic questions are solved by government departments
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
In the mixed economya)economic problems are solved by the government a...
The market economy helps with solving the economic problem by providing a mechanism for deciding what, how and for whom production will take place.

In a free market system consumers are the ones to determine the allocation of resources. Profits acts like a signal for what is to be produced. For instance if firms are gaining excellent profit it means that consumers are willing to buy that product whereas if the firms are producing very low or no profit at all it means that consumers aren’t interested in the product anymore.

The decision of lowering prices to beat other firms in order to gain profit is how the firms decide to produce. It results in productive efficiently because producers make products at the lowest prices possible in order to survive in the market.
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In the mixed economya)economic problems are solved by the government and market.b)economic decisions are made by the private sector and free marketc)economic allocation is achieved by the invisible hand.d)economic questions are solved by government departmentsCorrect answer is option 'A'. Can you explain this answer?
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