An Example of a Country with a Mostly Private Economy

question 100

Multiple Choice

An example of a country with a mostly private economy and extensive social welfare programs is:

• A) the United States.
• B) Sweden.
• C) Japan.
• D) All of the above are correct.

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Definitions:

Long-Run Equilibrium

A state in which supply and demand are balanced, and all firms in the industry are earning normal profits in the long term.

Short-Run Equilibria

A market condition where supply and demand are balanced, but only temporarily as external factors can soon alter this balance.

Demand Increases

A situation where the quantity of a good or service that consumers are willing and able to purchase at a given price rises.

Competitive Market

A market structure characterized by a large number of buyers and sellers, where no single entity has the power to significantly influence market prices.