The concept of laissez faire calls for government intervention if market failure is evident.
Answer the following statement true (T) or false (F)
False
Laissez faire is the doctrine of 'leave it alone,' or nonintervention by government in the market mechanism known as the invisible hand.
Economics
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If a firm finds that the wage rate (W) is less than the value of marginal product (VMP), then to maximize its profit the firm should hire
A) less labor, which will increase the VMP. B) more labor, which will decrease the VMP. C) no more or less labor, because profits are greatest when W < VMP. D) more labor, because hiring more labor will increase both W and VMP until they are equal.
Economics
During the antebellum period, factories grew, in part, due to internal economies of scale
Indicate whether the statement is true or false
Economics