The Laissez-Faire Free-Market System Is

question 82

Multiple Choice

The laissez-faire free-market system is

• A)an ideal of perfection.
• B)one that leaves no room for improvement.
• C)unmatched by any other system for allocative efficiency.
• D)All of the above are correct.

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Definitions:

Marginal Product

The additional output that is produced by using one more unit of a particular input, holding other inputs constant.

Optimal Labor Employment

The most efficient and effective level of staffing for a business or organization to maximize productivity and minimize costs.

Minimum Wage

The lowest legal salary that employers can pay their employees, often set by government laws.

Marginal Product

The additional output that is produced by using one more unit of a specific input, keeping other inputs constant.