What is meant by the term "free market"?
What will be an ideal response?
A free market is a market with few government restrictions on how a good or service can be produced or sold or on how factors of production can be employed.
Economics
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Efficiency occurs if the:
A. government does not interfere with market prices. B. market is in equilibrium. C. individually rational quantity of goods and services is being produced. D. socially optimal quantity of goods and services is being produced.
Economics
A balance-of-payments surplus for the United States can be corrected by
A. Increasing quotas on foreign goods. B. Reducing tariffs on foreign goods. C. Subsidizing U.S. exports. D. Increasing U.S. taxes.
Economics