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Mill Rejects the Notion of Natural Rights and Argues That

question 1

Multiple Choice

Mill rejects the notion of natural rights and argues that we should promote a democracy dedicated to individual liberty because that will maximize happiness. But he cautions against the "tyranny of the majority," asserting that every educated adult must be free to do what he or she desires. "The only freedom which deserves the name," he says, "is that of pursuing our own good in our own way, so long as we do not attempt to deprive others of theirs." The only legitimate reason for a government to interfere with someone's liberty against his or her will is to prevent harm to others.
-According to Mill, he who lets the world choose his plan of life has no need of

Definitions:

X-Inefficiency

The difference between efficient behavior of enterprises assumed or implied by economic theory and their observed behavior in practice, often due to a lack of competitive pressure.

Pure Competition

A market structure characterized by many small firms producing identical products, where no single firm has significant control over the market price.

Monopolistic Competition

A market structure characterized by many producers selling products that are similar but not identical, allowing for competition based on quality, price, and brand.

Nondiscriminating Monopolist

A monopolist that charges all consumers the same price for its product or service, regardless of the market segment.