Question 5 The following institutions describe modern capitalism: 0 Private ownership of means of production. free labor. and decentralized decision making. 0 Private ownership of means of production. free labor. and centralized decision making. 0 Private ownership of means of production. free labor. and coordinated decision making. 0 Private ownership of means of production, free labor. and state corporations. Question 6 The institutional Possibilities Frontier (IPF) suggests that O a monopoly outcome minimizes social losses in a market economy with minimal state ownership. 0 an oligopoiy outcome minimizes social losses in a planned economy with high state ownership. 0 price controls [either private market or state imposed) lead to the extreme economic system outcomes {either disorder or dictatorship). 0 both A and B