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Would you expect new and better machinery to be adopted more rapidly in a *market economy or a *centrally planned economy?

User Aliyah
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Final answer:

In a market economy, new and better machinery would be adopted more rapidly compared to a centrally planned economy.

Step-by-step explanation:

In a market economy, new and better machinery would be expected to be adopted more rapidly compared to a centrally planned economy.

In a market economy, businesses are privately owned and most decisions are driven by consumer and investor behavior, which creates a competitive environment. This competition incentivizes businesses to adopt new and better machinery in order to improve their efficiency and satisfy consumer demands.

On the other hand, in a centrally planned economy, businesses are owned by the government, and decisions are made by the central authority. This can result in slower adoption of new technology and machinery as the decision-making process may be more bureaucratic and less responsive to market forces.

User Dhaval
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