How Did the New Deal Change Attitudes About the Role

question 84

Essay

How did the New Deal change attitudes about the role of government in the economy, and the government's responsibility for the social welfare of ordinary Americans? What economic and social-welfare programs today trace their origins to New Deal legislation?

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Definitions:

Competitive Market

A market structure characterized by a large number of buyers and sellers, free entry and exit, and a product for which each seller offers an identical product.

Market Price

Market price is the current price at which an asset or service can be bought or sold in a given market.

Marginal Cost Curve

A graphical representation showing how the cost to produce one additional unit changes as more units are produced.

Long-Run Supply

A period sufficient for all inputs to production, including capital, to be varied, allowing for adjustments to changes in demand or technology.