In which type of economy would you expect the standards of living to be highest? A. Planned economy
B. Traditional economy
C. Command economy
D. Market economy
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In which type of economy would you expect the standards of living to be highest? A. Planned economy
B. Traditional economy
C. Command economy
D. Market economy
The correct answer is D. Market economy.
In a market economy, resources are allocated based on supply and demand, allowing for innovation, competition, and consumer choice. This typically leads to higher efficiency and productivity, which can result in higher standards of living for individuals as businesses strive to meet consumer needs and desires.