The substitution of machines for labor A) does not reduce ...

[Jipu 123]

The substitution of machines for labor
 
  A) does not reduce employment opportunities because labor is required to produce the machines.
  B) is not likely to reduce employment opportunities because as many or more workers will usually be demanded to produce, service, and operate the machines.
  C) will proceed more rapidly in a society the more rapidly the cost of hiring workers rises.
  D) will reduce employment opportunities if increased competition associated with the introduction of machinery lowers product prices.

Question 2

Why is it likely that a market economy will perform better than a command economy?
 
  What will be an ideal response?

[chloejackso]

Answer to Question 1

C

Answer to Question 2

Difficulties like the coordination problem and the incentive problem suggest that the reason for the fall of the most of the planned economies is that the central planner does not fully understand consumer wants and the production capabilities of every sector of the economy, and it is difficult to incentivize workers if prices are not utilized. Because any individual knows only a small fraction of all that is known collectively, it is impossible to replicate the work of the invisible hand. Therefore, a market economy is likely to perform better than a command economy.

[Jipu 123]

Thanks for the timely response, appreciate it

[tandmlomax84]

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