The Major Virtues of the Market System Include All of the Following

question 112

Multiple Choice

The major virtues of the market system include all of the following, except:

• A) It promotes an efficient allocation of resources
• B) It leads to equality in the distribution of income
• C) It provides incentives for greater production and higher incomes
• D) It emphasizes the freedom to pursue self-interest

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Definitions:

High Demand

A market condition where the desire for a product or service significantly exceeds its supply or availability.

Maximin Criterion

A decision rule used in uncertainty conditions, selecting the option with the best of the worst possible outcomes.

Uncertainty

The state of having limited knowledge about an existing condition or future outcome, making it difficult to make accurate predictions or decisions.

Pessimist

A pessimist is an individual who tends to see the worst aspect of things or believe that the worst will happen, often focusing on negatives rather than positives.