Question
INFERRING One of the basic economic questions is for whom products are produced. In our society., how would that
question be answered for a common consumer product such as a cell phone? Explain.
Answer
The basic economic question of "for whom products are produced" for a common consumer product like a cell phone would be answered by the market demand. The cell phone manufacturers produce the product for the consumers who are willing and able to pay for it. The price of the cell phone is determined by the market demand and supply, and the manufacturers produce the product to meet the demand at a profitable price point.