Those Who Support a Laissez Faire System

question 81

Multiple Choice

Those who support a laissez faire system

• A)argue for a French-style economy.
• B)argue for a market economy.
• C)support government intervention.
• D)argue for a command economy.
• E)argue for a mixed economy.

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Definitions:

Equilibrium

A state in a market or economy where supply equals demand, resulting in price stability and no net change in economic quantities.

ATC Curve

A graphical representation of the Average Total Cost, depicting how average cost of production varies with the quantity of output produced.

Efficient

Describes a process or system that achieves maximum productivity with minimum wasted effort or expense.

Economy

The system of production, distribution, and consumption of goods and services within a particular geographical area.