A___________________ Seeks to Operate Economic Markets Efficiently but Also Equitably

question 63

Multiple Choice

A___________________ seeks to operate economic markets efficiently but also equitably.

• A) socialist state
• B) communist state
• C) welfare state
• D) capitalist state

---

Definitions:

Monopolistic Competition

Monopolistic competition is a market structure characterized by many sellers offering differentiated products or services, leading to a competitive environment where companies have some price-making power.

Tracking Device

A tracking device is a technology designed to monitor and report the location or movement of an object, vehicle, or individual, using GPS or other means.

Oligopoly

A market structure characterized by a small number of firms controlling a significant portion of the market share, leading to limited competition.

Product Differentiation

Setting a product or service apart in the marketplace to increase its attractiveness to a specific target group.