Even If Prices Are Fixed and Competition Is Restricted by the Government

question 71

True/False

Even if prices are fixed and competition is restricted by the government, the invisible hand will still work in the economy and lead to economic efficiency.

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Definitions:

State Law

Legislation that is enacted and enforced by a state's legislative body, governing matters not reserved to the federal government by the Constitution.

Contract Clause

A provision in the U.S. Constitution that prohibits states from passing any law that impairs the obligation of contracts, aiming to protect contractual agreements from state interference.

Minimum Wage Law

Legislation establishing the lowest hourly wage that employers can legally pay their workers.

Unconstitutional

Something that does not conform to the principles or rules set out in a country's constitution, rendering it invalid or unenforceable.