The principle of ________ is that the economic cost of using a factor of production is the alternative use of that factor that is given up

Under laissez faire, the force that drives the economy toward an efficient outcome is

a. central planning. b. majority voting. c. the pursuit of self-interest. d. altruism.

The prices typically studied in microeconomics are

a. relative prices. b. absolute prices. c. money prices. d. retail prices.