Broadly defined, competition involves:
A. private property and freedom of expression.
B. independently acting buyers and sellers and freedom to enter or leave markets.
C. increasing opportunity costs and diminishing marginal utility.
D. capital goods and division of labor.
Answer: B
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Today _________ countries generate average income levels that approach the earnings of free Americans on the eve of the revolution
a. no b. relatively few c. many d. most
Suppose there are two members of the U.S. Congress who were once economics professors. Why is it important to be able to distinguish their positive from their normative statements about economic policy? a. Their positive statements help us understand the economy's response to a particular policy, while their normative statements reflect their value judgments. b. Their positive statements help
us understand the good results of a policy change, and their normative statements help us understand the negative results. c. We really do not have to worry about them since trained economists never make normative statements. d. Economists are always making assumptions, and policy should not be based on assumptions.