The Approach That Business Should Be Left Alone to Do

question 39

Multiple Choice

The approach that business should be left alone to do as they will is known as _____.

• A) Caveat emptor
• B) Laissez-faire
• C) Machiavellianism
• D) Sarbanes-Oxley Act

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Definitions:

Surplus

The amount by which the quantity supplied of a product exceeds the quantity demanded at a specific price.

Quantity Supplied

The total amount of a particular good or service that producers are willing and able to sell at a given price over a specified period.

Quantity Demanded

The amount of a good or service that consumers are willing and able to buy at a specific price.

Surplus

The situation in which the quantity of goods or services supplied exceeds the quantity demanded at the current price.