In a laissez-faire economy, what determines the distribution of output?
What will be an ideal response?
It is determined by income and wealth. These in part depend on the skills an individual can offer in the labor market.
Economics
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The concept of aggregate supply refers to a
a. fixed number of output. b. list of products demanded. c. schedule of output. d. schedule of production costs.
Economics
Which of the following is most important for the achievement of higher income levels and living standards?
What will be an ideal response?
Economics