An Economic System That Relies Primarily Upon Custom and Habit

question 115

Multiple Choice

An economic system that relies primarily upon custom and habit in economic decision making is a

• A)market system.
• B)communist system.
• C)traditional system.
• D)mixed system.
• E)command system.

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Definitions:

Enhanced Market Power

Increased ability of a business or entity to influence the market, often through strategies such as mergers, acquisitions, or innovation, leading to greater competitiveness.

Antitrust Laws

Legislation established to prevent monopolies and promote competition among businesses.

Per Se Violation

A restraint of trade that is so anticompetitive that it is deemed inherently (per se) illegal.

Sherman Act

is a foundational antitrust law in the United States that prohibits monopolies and other practices that restrain trade.