Which One Takes the Most Market-Based Approach to the Distribution

question 193

Multiple Choice

Which one takes the most market-based approach to the distribution of income?

• A) Rawls' maximin principle
• B) utilitarianism
• C) Nozick's entitlement theory
• D) Friedman's monetary approach

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Definitions:

Inefficient Levels

Situations where resources are not being used in the best possible way from an economic perspective, leading to potential waste or losses.

Opportunity Cost

Foregoing the prospective advantages from various other alternatives by making a single selection.

Opportunity Cost

The expense related to overlooking the next in line preferable option in the course of decision-making.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision, effectively representing the benefits you miss out on choosing one option over another.