How do firms know what to produce, how much will be produced, how to produce it and for and for whom to produce it
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Expert's answer
2017-12-18T09:06:07-0500
Firms know what to produce, because they choose to produce in profitable markets only. Firms find how much will be produced calculating profit-maximizing level of production. Firms know how to produce it and for and for whom to produce it according to supply and demand of particular product.
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