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Which of the following sparked Martin Luther's challenge to the Catholic Church?
Laissez Faire
An ideology that supports a capitalist market economy free from regulatory oversight by the government.
Basic Questions
Basic Questions in economics typically refer to the fundamental queries about what to produce, how to produce, and for whom to produce, guiding allocation of resources.
Market Failure
A scenario where the distribution of goods and services through a free market fails to achieve efficiency, typically resulting in a decrease in overall social welfare.
Public Goods
Goods that are non-excludable and non-rivalrous, meaning they can be used by everyone without diminishing availability to others, such as public parks and street lighting.
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