What are some of the problems that exist with a laissez-faire economy?
What will be an ideal response?
Free markets may not always produce the goods and services that people want at the lowest cost. They are not always efficient. Also, income may be distributed unequally.
Economics
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When a price ceiling is set below the equilibrium price, the quantity supplied ________ the quantity demanded and ________ exists
A) is less than; a surplus B) is less than; a shortage C) is greater than; a surplus D) is greater than; a shortage E) equals; an equilibrium
Economics
Along the horizontal axis of the production function we typically measure
a. revenue. b. the marginal product of the input. c. the quantity of input. d. the quantity of output.
Economics