1.)In a market system, which production techniques will be used by firms to prod

Question

1.)In a market system, which production techniques will be used by firms to produce their output? a.)Those that would allow firms to maximize their profits b.)Those that would allow firms to maximize their total costs c.)Those that would allow firms to minimize their total revenues d.)Those that would allow firms to maximize their prices 2.)The major virtues of the market system include all of the following, except: a.)It provides incentives for greater production and higher incomes b.)It emphasizes the freedom to pursue self-interest c.)It leads to equality in the distribution of income d.)It promotes an efficient allocation of resources

Explanation / Answer

a.)Those that would allow firms to maximize their profits

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