Which Out of the Following Assumptions of Free Market Economics,suggest

question 66

Multiple Choice

Which out of the following assumptions of free market economics,suggest that people are acquisitive and always want more-for less?

• A)Many buyers and sellers
• B)Absence of externalities
• C)Presence of opportunity costs
• D)Self-interest
• E)Complete information

---

Definitions:

Minimum Wage

The lowest legal hourly rate that workers can be paid by their employers, set to ensure a minimum standard of living for workers.

Skill

The ability to perform tasks and solve problems due to knowledge, practice, aptitude, and experience.

Binding Minimum Wage

This is a minimum wage set above the equilibrium wage rate, leading to a surplus of labor supply and a shortage of jobs at that wage level.

Workers

Individuals who perform tasks or provide services in exchange for compensation.