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:

Competitive Spectrum

The range of competition in a market, varying from monopolies to perfect competition.

Cartel

An agreement among competing firms to control prices or exclude entry of a new competitor in the market, often to maximize their own profits at the expense of consumers.

Oligopolists

Firms or entities that are part of a market structure where a small number of companies or sellers dominate the supply of a particular product or service.

Prices

The amount of money or goods asked or given in exchange for goods or services.