What Does a Belief in the Doctrine of Laissez-Faire Mean

question 48

Multiple Choice

What does a belief in the doctrine of laissez-faire mean?

• A)That the government should be restricted to providing public goods only.
• B)That the government should be made responsible for ensuring that enough goods and services are produced in an economy.
• C)That the government works best with limited market interference.
• D)That the market works best with limited government interference.

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Definitions:

Equilibrium Price

The cost point where the amount of a product or service that buyers want matches the amount that sellers offer, leading to equilibrium in the market.

Supply Increases

A situation where the quantity of a good or service that producers are willing and able to offer for sale rises, due to factors like lower production costs or increased demand.

Demand Curve

An illustrated chart showing the connection between a product's price and the level of demand from buyers.

Price of Quinoa

The cost at which quinoa, a high-protein, gluten-free grain, is sold in the market.