"Laissez-Faire" Is a _____ Term That Means _____

question 195

Multiple Choice

"Laissez-faire" is a _____ term that means _____.

• A) French; "all else equal"
• B) French; "let it be"
• C) Spanish; "all else equal"
• D) Spanish; "let it be"

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Definitions:

Free Riders

Individuals or entities that benefit from resources, goods, or services without paying for them or contributing to their provision.

Production Costs

The expenses incurred in the manufacture of goods or services, including raw materials, labor, and overhead costs.

Benefit

An advantage or gain received from a product or service.

Nonrival-in-consumption

Nonrival-in-consumption describes a good or service that can be consumed by multiple people simultaneously without reducing its availability to others.