Which of the Following Is an Argument Against Formal Planning

question 50

Multiple Choice

Which of the following is an argument against formal planning?

• A)Planning cannot replace creativity.
• B)Planning focuses on the past.
• C)Planning may create rigidity.
• D)all of the above.

---

Definitions:

Pure Competition

A market structure characterized by a large number of small firms, identical products, and free entry and exit from the market.

Long-run Adjustments

Changes a firm or industry makes over a long period to adapt to changes in demand, technology, or other economic factors.

Allocative Efficiency

Occurs when resources are distributed in a way that maximizes the net benefit to society, with goods and services produced at the level where the last unit provides a benefit equal to its cost of production.

Purely Competitive Industry

An industry characterized by many sellers offering identical products where each seller is a price taker due to market forces.