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.
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When a country's imports are larger than its exports, the country is running a trade deficit
Indicate whether the statement is true or false
Suppose a monopolist produces a positive level of output. If marginal costs are zero, this output level will occur where price elasticity of demand is exactly -1 unless there are recurring fixed costs.
Answer the following statement true (T) or false (F)
Marginal benefit and marginal cost must _______ to avoid a deadweight loss.
A. equal B. never equal C. decrease at an increasing rate D. increase at an increasing rate
Compared to a barter economy, using money increases efficiency by reducing
What will be an ideal response?