Which of the Following Statements Is True

question 38

Multiple Choice

Which of the following statements is true?

• A) The doctrine of laissez-faire advocates an economic system with extensive government intervention and little individual decision-making.
• B) In capitalism income is distributed on the basis of need.
• C) Adam Smith was the father of socialism.
• D) Most real-world economies are mixed economic systems.
• E) The "invisible hand" refers to government economic control.

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Definitions:

Differentiation

A strategy employed by businesses to distinguish their products or services from those of competitors, often through unique features, branding, or quality.

Competitive Strategies

Techniques and plans that a company adopts to attract customers, withstand competitive pressures, and strengthen an organization’s market position.

Competitive Edge

A distinct advantage that allows an organization to outperform its competitors.

Cost Leadership

A business strategy aiming to achieve the lowest operational costs within an industry, enabling the company to offer lower prices than competitors and gain market share.