Final answer:
True. Freedom of choice in a market-oriented economy implies that private firms have the autonomy to make their own strategic decisions.
Step-by-step explanation:
These choices can range from expanding or reducing production, setting prices, opening or closing facilities, hiring or laying off workers, launching new products or discontinuing existing ones, and choosing to acquire another firm, be acquired, or merge with another company. The market system's underlying principle presumes that firms, rather than governments, are better suited to know if their decisions will be successful in terms of attracting more customers and producing efficiently.
The statement that freedom of choice means that firms will have the right to compete fairly is true. This relates to the concept of perfect competition, where the free entry and exit into and out of the market, availability of information, and the presence of many buyers and sellers who trade identical products collectively support fair competition. Although the U.S. government does review and approve most mergers, the general aim of such oversight is to maintain a competitive marketplace without undue consolidation that could hamper fair competition.