Which economic system produces goods based on supply and demand and encourages entrepreneurs through profit motive?
A. Traditional
B. Modified command
C. Command
D. Market

D. Market

Explanation:

A market economy can be defined as an economic system that produces goods based on supply and demand and encourages entrepreneurs through profit motive.

In a perfect market economy, there are many buyers and sellers of homogeneous products, and there is free entry and exit in the market.

This simply means that, in a market economy, there are many buyers and sellers (price takers) of homogeneous products (standardized products with substitute) and the market is free (practically open) to all individuals or business entities that are willing to trade all their goods and services.

Hence, a market economy is characterized by the following features;

1. Perfect information.

2. No barriers, it is typically free.

3. Equilibrium price and quantity.

4. Many buyers and sellers.

5. Homogeneous products.

Hence, the price and quantity of goods that are to be supplied by the producers (manufacturers) to the consumers are mainly determined by the forces of demand and supply.

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