What Is Democratic Socialism

question 44

Multiple Choice

What is democratic socialism?

• A) A command economy where the democratically elected government owns all means of production.
• B) Political freedom and a mixed economy with a balance of capitalism and some government control and regulation.
• C) In this system, the actor (an individual or a company) who takes risks and is successful gets to keep all profits, not the government. This relative freedom leads to significant innovation in the economy without government interference.
• D) A single class system, or communism

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Definitions:

Personalized Pricing

A pricing strategy where prices are set for individual customers based on their perceived willingness to pay, often using data analytics.

Barriers to Entry

Factors that prevent or impede the ability of a new competitor to enter and operate in an industry.

Monopoly

An economic condition where only one seller offers a distinctive product in the marketplace, with no similar alternatives available.

Natural Monopoly

A market condition where due to high fixed or start-up costs, efficient service is provided by a single firm instead of multiple competing firms, often seen in utilities sectors.