A market economy grants the most individual freedom and drives innovation best. Intense private enterprise competition, unrestricted consumer choice and the search for profits incentivize firms to invent superior technologies and products.
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Kriti
Asked: In: Class 9 Social Science
Demand for diesel cars, electric cars and public transport rises because they act as cheaper substitutes. Conversely, demand for petrol car accessories falls because accessories and petrol cars are complementary products used together.