Under Laissez-Faire, Output Selection Is Determined by

question 43

Multiple Choice

Under laissez-faire, output selection is determined by

• A)consumer preferences.
• B)production costs.
• C)firms' desires to make profits.
• D)All of the responses are correct.

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Definitions:

Senior Executive

A top-level manager in an organization, responsible for making overarching decisions and policies.

Justice

The principle of fairness and moral rightness that guides the equitable treatment of individuals and the administration of law.

Terminal Values

Fundamental beliefs or end goals that a person or organization considers most important and strives to achieve throughout life or operation.

Managers

Persons within a company who are in charge of guiding and supervising a team's activities.