The Concept of the Free Market Is of a Set

question 10

Multiple Choice

The concept of the free market is of a set of economic arrangements

• A)that are necessarily democratic.
• B)where the few rule the many.
• C)where the government imposes a rational order on the people through laws.
• D)with no, or only a minimal, role for the government.

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Definitions:

Self-Interest

The consideration of one's own personal benefit or advantage, especially when pursued without regard for others.

Poisson Probability Distribution

A statistical distribution that expresses the probability of a given number of events occurring in a fixed interval of time or space, assuming these events occur with a known constant mean rate and independently of the time since the last event.

Continuous Probability Distribution

Describes the probability distribution of a continuous random variable, indicating the likelihood of the variable taking on a range of continuous values.

Poisson Distribution

A probability distribution that expresses the probability of a given number of events occurring in a fixed interval of time or space if these events occur with a known constant mean rate and independently of the time since the last event.