Under Laissez-Faire, the Allocation of Resources Among Different Products Depends

question 65

Multiple Choice

Under laissez-faire, the allocation of resources among different products depends on

• A)consumer preferences.
• B)production costs.
• C)Both a and b are correct.
• D)Neither a nor b is correct.

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Definitions:

Conventional

Refers to what is traditional, accepted, or expected by society; often contrasted with innovative or unconventional methods or ideas.

Projection

In psychology, a defense mechanism where individuals ascribe their own unacceptable feelings or thoughts onto others.

Mental Process

The internal, covert activities of our minds, such as thinking, feeling, and remembering.

Own Feelings

Personal emotions or sensations experienced by an individual.