The Main Characteristics of a Modern Market System Include All

question 126

Multiple Choice

The main characteristics of a modern market system include all of the following except

• A) entrepreneurs are free to obtain and use resources to produce goods and services.
• B) consumers are free to buy goods and services that their budgets allow.
• C) economic power is diffused by competition among economic units.
• D) government is restricted to national defense and does not intervene at all in various markets.

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Definitions:

Cognitive Dissonance

The psychological unease felt by someone who simultaneously harbors conflicting beliefs, ideas, or values.

Contradictory Attitudes

Holding conflicting beliefs or feelings towards a particular subject, object, or person.

Conflict

A situation or process through which individuals, groups, or ideas are in opposition and engaged in a struggle for dominance, agreement, or resolution.

Cognitive Dissonance

The psychological discomfort or stress experienced by an individual who holds two or more contradictory beliefs, ideas, or values at the same time.