Final answer:
True The market revolution is associated with significant social and economic changes in the United States, such as transitioning towards a market-oriented economy with larger factories and better transportation. This is mirrored in today's markets by the effects of technology and globalization, which increase competition and expand consumer choices.
Step-by-step explanation:
The statement that the market revolution brought many social and economic changes to the United States is TRUE. The market revolution was a period in the early 19th century characterized by great changes in the way goods were produced and distributed, inclusively impacting social norms and economic practices.
A significant aspect of this period was the transition from a production system based on small-scale artisanal shops and farms to a more market-oriented economy with larger factories and improved transportation systems.
In the context of microeconomic markets, we can observe this historical transition affecting modern economies as well. Technological advancements and globalization continue to affect market dynamics.
For example, improvements in communications technology, such as the internet, have expanded the reach of consumers, allowing them to purchase goods and services from across the globe, thus increasing the competition faced by local retailers.
Today, business-to-business platforms exemplify this shift, enabling buyers and suppliers to connect without geographical constraints.