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Question
In a ____________ economy, the producer operates with the objective of profit-maximisation.
In a ____________ economy, the producer operates with the objective of profit-maximisation.
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Solution
The correct option is D free-enterprise
In a free enterprise economy,
prices of commodities in the market are affected by the forces of demand and
supply that generates open competition in the market which leads to the survival of the fittest due to which profit maximization becomes the ultimate motive of all the producing sector.
In a free enterprise economy, prices of commodities in the market are affected by the forces of demand and supply that generates open competition in the market which leads to the survival of the fittest due to which profit maximization becomes the ultimate motive of all the producing sector.
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