Who Advocated a Doctrine That Would Be Later Be Known

question 66

Multiple Choice

Who advocated a doctrine that would be later be known as laissez-faire?

• A) John McDonald
• B) Adam Smith
• C) Robert Walpole
• D) Robert Burns
• E) Lord Gordon Brown

---

Definitions:

Utility Maximizing

The economic principle that individuals and firms strive to achieve the highest satisfaction or benefit from their resources and choices.

Industry Demand Curve

A graphical representation showing the quantity of a product that consumers in an industry are willing and able to purchase at each price over a period of time.

Labor Demand Curves

Graphs showing the relationship between the wage rate and the quantity of labor that employers are willing to hire at that rate.

Competitive Labor Market

A market where there are many employers and job seekers, and the wages are determined by supply and demand for labor.