Which of the following economic systems is characterized by a lack of competition? A. Market
B. Mixed
C. Socialist
D. Traditional

Socialist

Explanation:

There are low levels of inequality and unemployment, and the common objective of replacing profit as the primary incentive of production.

If there was no competition in the markets, companies woud neglect technological development and cost reduction efforts. Price and service would become more advantageous to companies, and consumers would result in no receipt of benefits.

B)

Explanation:

The statement that best characterizes the US economic system today is "mixed economy."

A mixed economy is characterized by economic decisions where demands and supplies define the price of products and services. At the same time, the government is also involved in the market decision or resources funding.

The US economic systems are mostly characterized by capitalism and socialism, whereby buyers and sellers define the markets, but the government also regulates the market flows with policies and regulations.

Hence, in this case, it is concluded that the correct answer is option B. "Mixed economy."

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