Which Economy is run by Supply and Demand?Group of answer choicesMarket EconomyMixed EconomyTraditional EconomyNo answer text provided.Next
Question
Which Economy is run by Supply and Demand?Group of answer choicesMarket EconomyMixed EconomyTraditional EconomyNo answer text provided.Next
Solution
The economy that is run by supply and demand is the Market Economy. In a market economy, the prices of goods and services are determined by the free market, which means they are set by supply and demand. The businesses produce goods based on the demand of the consumers and the price they are willing to pay.
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