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In the last 20 years, firms that produce cameras have begun to produce fewer 35-mm cameras and more digital cameras
In the last 20 years, firms that produce cameras have begun to produce fewer 35-mm cameras and more digital cameras.
This trend is an example of:
A. how central planners dictate which cameras are produced.
B. the market system answering the question of "how" cameras should be produced.
C. the market system answering the question of "what" cameras should be produced.
D. the market system answering the question of "who" should consume the cameras that are produced.
E. how firms fail to respond to improvements in technology and changes in consumer tastes.
Expert Solution
This trend is an example of :C. the market system answering the question of "what" cameras should be produced.
In a market based economic system, businesses produce to meet consumer demands. In a centrally planned system, government leaders determine how much and what kind of goods should be produced, and who will get them.
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