GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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In a free market economy the allocation of resources is determined by ____
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voting done by consumers
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a central planning authority.
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the level of profits of firms.
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consumer preferences.
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Explanation:
Detailed explanation-1: -In a free market economy, the products are produced according to the satisfaction of consumers. Therefore, resources for production are allocated after doing a thorough analysis on consumer satisfaction which is regarded as the top most priority without comprising the goal of profit maximization.
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