In a Free Market There Are Virtually No Restrictions, or at Best

question 246

True/False

In a free market there are virtually no restrictions, or at best few restrictions, on how factors of production can be employed.

Recognize how purely competitive conditions in product and resource markets lead to efficient outcomes in terms of resource use and income distribution.

Understand the principles of resource pricing and its impact on income distribution.

Identify and explain the concept of marginal productivity and its role in income distribution and resource allocation.

Analyze the effects of technology on employment and the substitution and complementarity between capital and labor.

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Definitions:

Two Months

A period of approximately sixty days or the duration covering two consecutive calendar months.

Mail And Telephone Order Rule

A Federal Trade Commission regulation requiring businesses to ship orders within the timeframe stated in their ads or within 30 days if no time is specified.

Option Notice

A formal communication specifying a choice or requirement to take an action, especially in contracts or agreements.

Dangerous Per Se Rule

A legal doctrine that an act, by its nature, is inherently dangerous and can lead to liability without the need to prove negligence.