Which of the following statements about market economies is correct?
a. In a market economy, no one is looking out for the economic well-being of society as a whole.
b. Market economies are characterized by decentralized decision making and self-interested decision makers.
c. Market economies have proven remarkably successful in promoting overall economic well-being.
d. All of the above are correct.
d
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Technological change in modern societies is most likely the result of increases in
a. machine building. b. more natural resource use. c. education. d. the labor force.
With a given supply curve, a decrease in demand leads to
A. a decrease in equilibrium price and a decrease in equilibrium quantity. B. an increase in equilibrium price and a decrease in equilibrium quantity. C. no change in price and a decrease in equilibrium quantity. D. a decrease in equilibrium price and an increase in equilibrium quantity.