The ability of a company to decide which goods and services to produce and which markets to compete in is known as ________.
A) free choice
B) free enterprise
C) price flexibility
D) laissez-faire

Question

Quizplus · Accepted Answer

Free enterprise refers to the economic system in which businesses are free to compete with each other to offer goods and services in the market. This system allows companies the freedom to choose which goods and services to produce and which markets to compete in, thus giving them the ability to make business decisions based on their own interests and goals. Therefore, option B is the correct answer. The other options are related to economic concepts but don't specifically refer to a company's ability to make strategic decisions.

The Ability of a Company to Decide Which Goods and Services