Once you've made those decisions from a business perspective, you can have your services send the HTTP headers to effect that caching behavior.
You also probably should not let the browser cache it either (you’ll typically get dinged for it in pentests because your app may be used on a shared computer).
Or, if you have a CDN, you could cache closer to the end-user (assuming you have the necessary controls on your CDN to meet regulatory [and common-sense] requirements).
But end-to-end cacheability at the HTTP layer, part of the original rationale behind the REST API design style, does not make sense for most APIs anymore in 2018.
Why not? What were the relevant changes between the 90s and 2018?
* HTTPS has broken intermediate caches.
* Most responses are personalised or highly dynamic.
* Many responses contain PII or sensitive information and should not be cached.
* Many requests are rate-limited, billed or metered.
Observation: people go out of their way to cache static resources but tend to disable caching entirely on their JSON APIs.
I do have some bias; recovering pentester who rarely worked with APIs that served the same response to all users.
You can force some of it by putting everything behind TLS, but even then there will be downstream caches for some of your customers (especially the enterprise customers with their sweet, sweet enterprise money) which will still interfere with your expected caching.