How do market and command economies differ ?
Correct answer: A. Market economies rely on privately held property whereas command economies rely on publicly-held property
- A. Market economies rely on privately held property whereas command economies rely on publicly-held property
- B. Market economies rely on cooperation whereas command economies rely on conflict
- C. Market economies rely on free markets whereas command economies rely on consumer sovereignty
- D. Market and command economies do not differ substantially, but their political institutions doEconomics
Explanation
Market economies are primarily organised around private ownership and voluntary exchange, whereas command economies place major productive property and decisions under public or state control. Consumer sovereignty is associated with markets, not command systems.
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