Which of the Following Is One of the Elements Required

question 59

Multiple Choice

Which of the following is one of the elements required in private enterprise?

• A) Adequate representation in the government
• B) Freedom from foreign competition
• C) The opportunity for market leadership
• D) The right to ownership of property
• E) Numerous regulatory agencies

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Definitions:

Production Possibility Frontier

A curve depicting all maximum output possibilities for two or more goods, given a set of inputs and technology, assuming efficient use of resources.

Decreasing Opportunity Costs

A situation where the cost of forgoing the next best alternative decreases as more units of a product are produced.

Production Possibility Frontier

A curve depicting the maximum attainable combinations of two or more goods and services that can be produced with available resources and technology.